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Melrose profit dives 90% as COVID-19 hits aerospace, automotive sectors

FILE PHOTO: Branding is seen outside the headquarters of GKN in Redditch, Britain, March 12, 2018. REUTERS/Hannah McKay

(Reuters) - Turnaround specialist Melrose Industries Plc MRON.L said on Thursday adjusted operating profit plunged 90% to 56 million pounds (55.88 million pounds) in the first half, hurt by a coronavirus-driven downturn in the aerospace and automotive sectors.

The company, which owns parts supplier GKN, reported adjusted revenues of 4.36 billion pounds, 25.8% lower than last year.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Devika Syamnath

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