September 20, 2019 / 6:02 AM / a month ago

China sovereign fund CIC's 2018 profit dives 37% on market turmoil

BEIJING, Sept 20 (Reuters) - Sovereign wealth fund China Investment Corp (CIC) posted a 37.2% fall in 2018 net profit, citing complex global financial environment and market turmoil.

Profit fell to $65.06 billion from $103.62 billion a year ago for CIC, a shareholder in China’s largest banks such as China Development Bank Corp as well as Industrial and Commercial Bank of China Ltd .

CIC’s total investment income was $67.84 billion, versus $114.46 billion in 2017, its 2018 report showed on Friday. (Reporting by Cheng Leng in Beijing; Writing by Engen Tham in Shanghai and Beijing Monitoring Desk; Editing by Muralikumar Anantharaman)

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