(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.
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