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PetroChina logs USD1b net profit in Q1
(MENAFN) PetroChina, the Chinese oil firm, posted a net profit of about USD1 billion in the first quarter of the year, marking a gigantic 82 percent slump year-on-year, the Peninsula reported.
The firm blamed the declining oil prices and low local demand for the huge decrease in profits. Nonetheless, the results were better than forecasts, according to a corporate statement.
The forecasts were maneuvered over by the company's low-cost development project, which played a significant role in cutting costs while further improving efficiency and innovation.
The firm blamed the declining oil prices and low local demand for the huge decrease in profits. Nonetheless, the results were better than forecasts, according to a corporate statement.
The forecasts were maneuvered over by the company's low-cost development project, which played a significant role in cutting costs while further improving efficiency and innovation.
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