China state-owned firms' first half profits down 38.8% year-on-year - ministry

By Reuters Staff

FILE PHOTO: A worker is seen on a crane at a construction site in front of Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China July 16 2020. REUTERS/Aly Song

BEIJING (Reuters) - Profits at China’s state-owned firms in the January-June period fell 38.8% year on year to 1.12 trillion yuan (125.9 billion pounds), the Finance Ministry said in a statement on Thursday.

Reporting by Lusha Zhang and Kevin Yao; editing by Jason Neely

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