The combined profits of China's state-owned enterprises and state-holding companies rose 27.5 percent year on year in the first quarter to 512.35 billion yuan (about $77.6 billion), the Ministry of Finance announced Monday.

The growth of operating costs was higher than that of business revenue, said a statement on the ministry's website.

Business revenue totaled 8.09 trillion yuan, up 24.7 percent from a year earlier, said the statement, without providing reasons for the surge in profits and revenues.

Industries such as building materials, construction and real estate, the chemical sector saw big increases in profits from January to March. Five major power generation companies, along with enterprises under the Ministry of Railways all posted losses, said the statement.

(Xinhua News Agency April 18, 2011)