By Yifan Wang
PetroChina Co. swung to profit in the first quarter, the latest Chinese oil major to resume profitability this year as crude prices gradually recovered from the pandemic's impact, while China's domestic transportation demand continued to pick up.
The oil explorer's net profit was 27.72 billion yuan ($4.28 billion), compared with a loss of CNY16.23 billion a year earlier. PetroChina was one of the worst-hit companies in Asia amid the peak of the pandemic last year.
Revenue rose 8.4% to CNY551.92 billion, thanks to higher oil prices and stronger sales volume.
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(END) Dow Jones Newswires