(MENAFN) The net profits of PetroChina Co. Ltd., China's top oil and gas producer, fell 62.7 percent year on year to USD3.97 billion in the first half of the year, the company announced.
Meanwhile, business revenues hit USD137.13 billion, down 23.9 percent compared to the same period a year earlier, PetroChina said in a statement.
The profit drop is attributable to falling international oil prices, downward pressure on the domestic economy and sluggish demand for oil and gas, said PetroChina board chairman Wang Yilin.
Drops in crude oil prices caused sharp profit decreases in oil exploration. The firm's oil exploration and production businesses made a first-half profit of USD5.14 billion , down 67.8 percent on-year.
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