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June 24, 2017

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PetroChina shares take a hit after profit in the third quarter shrivels

HONG KONG -- Shares in energy giant PetroChina fell almost 4 percent in Hong Kong on Wednesday, after it reported that net profit in the three months to September fell by a third.

The firm tumbled 3.8 percent to HK$10.38 as dealers were spooked by news its net profit came in at 24.9 billion yuan (US$4 billion) for the third quarter, from 37.4 billion from the same period last year, despite higher oil output.

The company said revenue rose almost 4 percent to 551.6 billion yuan from 530.7 billion yuan a year earlier.

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