AFP, Shanghai :
China’s biggest oil producer PetroChina’s net profit plunged 97.9 percent in the first half of this year, it said Wednesday, as it struggled with a weak domestic economy and low oil prices.
Net profit was 531 million yuan ($79.9 million) in the January to June period, down drastically from the 25.4 billion yuan it made in the same period last year, PetroChina said in a statement to the Hong Kong stock exchange, where it is listed.
The figure was its lowest half-year net profit since it listed in 2000, Bloomberg News reported. “Due to the combined effects of the slow recovery of global economy and geopolitical factors, the international crude oil prices reached the bottom and began to move up in an unsteady way,” PetroChina said in the earnings report.
China’s biggest oil producer PetroChina’s net profit plunged 97.9 percent in the first half of this year, it said Wednesday, as it struggled with a weak domestic economy and low oil prices.
Net profit was 531 million yuan ($79.9 million) in the January to June period, down drastically from the 25.4 billion yuan it made in the same period last year, PetroChina said in a statement to the Hong Kong stock exchange, where it is listed.
The figure was its lowest half-year net profit since it listed in 2000, Bloomberg News reported. “Due to the combined effects of the slow recovery of global economy and geopolitical factors, the international crude oil prices reached the bottom and began to move up in an unsteady way,” PetroChina said in the earnings report.
