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