(Yicai Global) May 2 -- China's large internet companies reported steady revenue growth in the first quarter of the year, data from the Ministry of Industry and Information Technology (MIIT) showed

Revenue of these companies surged 1.4 percent year on year to reach CNY323.6 billion (USD48.9 billion) during the period, MIIT data showed.

Profits declined 10.3 percent from a year earlier to CNY15.45 billion, with the decline rate expanding 2.9 percentage points from that in the first two months.

In the first quarter, China's large internet enterprises invested a total of CNY17.75 billion in research and development, an increase of 8.4 percent year on year. The growth rate was 11.2 percentage points higher than that in Jan.-Feb.

Large internet companies refer to enterprises that focus on the internet and related services with an annual business revenue of at least CNY5 million.