State-owned enterprises raked in profits of 512.35 billion yuan in the first quarter, up 27.5% on a year-on-year basis, statistics from the Ministry of Finance revealed. However, the rate of profit growth has dropped back from the annualized rate of 29.4% registered in the first two months of this year. Though most state-owned enterprises have been profitable over the past three months, five centrally-owned power plants and some enterprises that operate under the Ministry of Railways have been operating at a loss.

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