BEIJING - Profitability of China's state-owned enterprises (SOEs) was squeezed in 2014 amid slackening momentum in the economy as it registered the weakest growth since 1990.

Combined profits of SOEs reached 2.48 trillion yuan ($404.66 billion), up 3.4 percent from one year earlier, the Ministry of Finance said in a statement on Thursday.

The growth slowed from 4.5 percent reported in the first 11 months last year and 5.9 percent in 2013.

Business revenue climbed 4 percent year on year to 48.06 trillion yuan while operating costs rose at a faster pace of 4.5 percent to 46.66 trillion yuan.

By the end of December, total assets gained 12.1 percent from the beginning of 2014 to 102.12 trillion yuan while liabilities grew 12.2 percent to 66.56 trillion yuan, the ministry said.

It said auto making and pharmaceutical industries posted strong profit increases, while sectors such as coal mining and chemicals saw notable declines in profits.