Chinese oil giant PetroChina has posted its lowest profit since 1999 with the company citing a struggling global economy and slump in international oil prices last year.
State-owned PetroChina’s net profit tumbled 66.7% year-on-year to 35.65 billion yuan (US$5.50 billion) in 2015, the company said in a statement filed with the Shanghai stock exchange late Wednesday. The profit figure was the weakest since 1999, according to Bloomberg News.
Annual revenue dropped 24.4% on the year to 1.73 trillion yuan, the statement said, as benchmark crude oil prices slumped by nearly half.
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State-owned PetroChina’s net profit tumbled 66.7% year-on-year to 35.65 billion yuan (US$5.50 billion) in 2015, the company said in a statement filed with the Shanghai stock exchange late Wednesday. The profit figure was the weakest since 1999, according to Bloomberg News.
Annual revenue dropped 24.4% on the year to 1.73 trillion yuan, the statement said, as benchmark crude oil prices slumped by nearly half.
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