BEIJING, Mar. 22 -- China's 127 centrally-administered state-owned enterprises (SOEs) reported total gross profits of 134.8 billion yuan ($19.77 billion) in the first two months, up 121 percent year-on-year, said a statement on Friday.

According to the statement posted on the website of State-owned Assets Supervision and Administration Commission (SASAC), SOE operating revenues rose by 52.1 percent from a year earlier to 2.18 trillion yuan in January and February, and the tax paid rose by 43.2 percent to 221.72 billion yuan.

Wang Zhigang, a researcher with the SASAC, said the big year-on-year increases were mainly attributable to poor performances in the same period last year, and were partially boosted by the overall economic situation and Spring Festival spending.