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PetroChina’s net profit slumps on low oil prices

by ChemOrbis Editorial Team -
  • 12/04/2016 (16:34)
According to media sources, state-owned PetroChina’s net profit slumped 67% on year in 2015 to CNY35.5 billion ($5.45 billion), recording the worst performance in about 15 years. Weaker results were attributed to falling oil prices and slowing Chinese economy.

The company’s debt is reported at CNY1.05 trillion ($162.8 billion) while its debt ratio fell to 43.8% from 45.2% a year earlier. Total debts fell by 3.5% last year.

PetroChina reported that they are planning to lower capital spending by 23% or CNY155.7 billion.

The company also cut costs by 26.7% in operating activities to CNY261.31 billion and 25.8% in investment activities.
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