By Yifan Wang

PetroChina Co. said its net profit for the third quarter soared despite lower revenue, thanks to substantial profit from a pipeline assets restructuring earlier this year, as well as a surge in investment income.

Net profit was 40.05 billion yuan ($5.95 billion), compared with CNY8.83 billion a year earlier, the oil explorer said Thursday.

Revenue fell 20% to CNY497.13 billion, as crude prices remained at low levels after a collapse in the first half of the year.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

10-29-20 0518ET