China’s State-owned enterprises reported a more than 7 percent year-on-year drop in their first-half net profits, even though their revenues grew by more than 20 percent during the same period, according to figures from Wind Information, a financial data provider.

The data is based on the performance of 87 SOEs that have released their financial reports by August 13. Excluding SOEs in the financial sector, a total of 283 companies are listed in the public market.

The revenues of the 87 SOEs increased 21.76 percent to 293.2 billion yuan ($46.27 billion) in the first six months, but profits declined 7.37 percent to 15 billion yuan.

The figures were due to a weakening economy, worsening situation in certain industries, and the rise of operating expenses. Major industries that were affected included non-ferrous metal, transport, and real estate.