Revenue of State-owned Enterprises was growing at a faster pace in May, the Ministry of Finance said on Wednesday.

Total volume in the first five months grew 10.4 percent year-on-year to 17.9 trillion yuan ($2.9 trillion), the Finance Ministry said.

The growth was faster than the period from January to April, which was 10.2 percent.

Until May, central SOEs saw their revenue up by 9.1 percent from a year before, while local SOEs reported a 12.6 percent increase in their revenue.

But the costs of SOEs also increased 10.9 percent, the MOF said.

SOEs saw their total profits increase by 6.5 percent to 884 billion yuan, among which central enterprises increased 13.8 percent, and local enterprises decreased by 10.6 percent. 　　

Power, electronics, foreign trade and construction sectors were among those reporting a larger increase in profits, while transport, nonferrous, coal, chemical and building material sectors saw a decline in their profits.