BUSINESS PetroChina posts 22% drop in revenue

BUSINESS

PetroChina posts 22% drop in revenue

chinadaily.com.cn

09:12, August 28, 2020

Technicians inspect gas facilities in Horgos, Northwest China's Xinjiang Uygur autonomous region. (Photo: Xinhua)

PetroChina, China's largest oil and gas producer, reported a revenue of more than 929 billion yuan ($135.1 billion) in the first half of this year, down 22.3 percent year-on-year, according to its financial report filed with the Hong Kong Exchanges and Clearing Limited on Thursday.

The oil giant generated a net loss of 29.98 billion yuan, down 205.5 percent year-on-year, compared with net profit of 28.42 billion yuan during the previous year, it said.

The company cited the plummeting oil price and demand slump amid the COVID-19 outbreak for the drop in revenue.

Looking ahead, the Chinese oil major said there is great uncertainty over a rebound in global oil prices. However, with the domestic economy gradually recovering, the demand for oil and gas will slowly become steady and the company will strive to meet annual production and operation objectives, it said.

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