Profits at China‘s state-owned firms fell 6.5% in the first seven months of 2016 from a year earlier, less than the 8.5% fall in the first half of the year, the Ministry of Finance said on Monday.

Total profits at state firms stood at 1.31 trillion yuan ($196.13 billion) in the Jan-July period, while revenue rose 0.2% to 24.88 trillion yuan, the ministry said.

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State firms’ total liabilities rose 17.6% on year to 83.74 trillion yuan at the end of July, it said.