PetroChina earnings surge in third quarter
PetroChina Company Limited, a major oil and gas producer and distributor, reported surging profits in the third quarter this year, reversing losses from the first half.
The company reported a net profit of 40.05 billion yuan (about 6 billion U.S. dollars) in the third quarter, jumping 353.6 percent year on year, the firm said in a statement filed with the Shanghai Stock Exchange.
The surge was partly due to profits earned from sale of its major oil and gas pipeline assets, according to the statement.
Affected by the COVID-19 pandemic and a slump in international oil prices, PetroChina suffered significant losses in the first half.
In the first three quarters of this year, the firm reported a net profit of 10.07 billion yuan, down 73 percent year on year.