BEIJING: China National Petroleum Corporation (CNPC) saw sharp earning declines for the first quarter (Q1), with the revenue shrinking 14.4% to around 509.1 billion yuan (US$72.71 billion), citing the tumbled global economy and the plummeting international oil prices as causes.
Net losses attributable to shareholders reached 16.23 billion yuan, compared with a profit of 10.25 billion yuan in the same period of last year, according to a quarterly report of the company filed to the Shanghai and Hong Kong stock exchanges.