FXStreet (Mumbai) - As reported by Irish Examiner, the Profits at China’s state firms fell 9.8% in the first 10 months of this year, the country’s Ministry of Finance said over the weekend. The near double-digit fall in profits in January-October from a year earlier was worse than the 8.2% drop in the first nine months of the year. Combined profits of state-owned enterprises totalled 1.88 trillion yuan in the January-October period, the ministry said in a statement published on its website. “The downward pressure on economic operations remains relatively big,” the ministry said. Companies in transportation, electronics and power sectors reported a rise in profit in the January-October period, while heavy industries like steel, coal and nonferrous metals continue to suffer losses as a result of overcapacity. The world’s second-largest economy is on track this year to grow at its slowest pace in more than two decades. For more information, read our latest forex news.