Employees work at the workshop of Harbin Electric Machinery Company Limited in Harbin, Northeast China's Heilongjiang province, March 9, 2020. (WANG JIANWEI / XINHUA)

BEIJING – The combined profits of China's state-owned enterprises (SOEs) declined in the January-April period owing to a high comparison base in the same period last year and sporadic resurgences of COVID-19, official data showed Friday.

Combined profits of the SOEs dropped 3.6 percent year on year to 1.28 trillion yuan (about $190 billion) in the first four months of the year, according to data from the Ministry of Finance.

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The SOEs raked in 24.57 trillion yuan in operating revenue in the January-April period, up 9.8 percent from the same period last year.

The total profits of China's centrally administered SOEs rose 3.8 percent from a year earlier to 986.22 billion yuan in the period, and their operating revenue was up 11.8 percent to 14.14 trillion yuan.

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At the end of April, the SOEs' ratio of liabilities to assets came in at 64.5 percent, up 0.2 percentage points from a year earlier.