Mar
23
PetroChina Income Drops to ’99 Low on $3.8 Billion Writedown
By-
Income falls 67% to lowest since company publicly listed
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Company lowers capital spending 5% after a 31% cut in 2015
PetroChina Co. profit tumbled to the lowest since 1999 as the company reported a 25 billion yuan ($3.8 billion) writedown amid the crash in energy prices.
Net income at China’s biggest oil and gas producer dropped 67 percent to 35.5 billion yuan from 107 billion yuan, according to a statement sent to the Hong Kong stock exchange. Sales fell 24 percent to 1.73 trillion yuan. The company warned in January that 2015 profit may fall 60 percent to 70 percent…
PetroChina Income Drops to ’99 Low on $3.8 Billion Writedown
