Money briefs : PetroChina profit dives 70% in 2015

PetroChina profit dives 70% in 2015

BEIJING • PetroChina, China's biggest oil and gas producer, reported a 70 per cent slump in its full-year 2015 profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.

Net profit declined to 35.52 billion yuan (S$7.4 billion) last year from 107.17 billion yuan in 2014, the state-controlled firm said yesterday in a filing with the Hong Kong bourse.

Last March, PetroChina reported a 17 per cent drop in net profit for 2014.


Mitsui forecasts first net loss since 1947

TOKYO • Mitsui & Co, Japan's second biggest trading house, forecast its first net loss since it was founded in its modern form in 1947 due to impairment charges on mining and energy projects from South America to Australia. The firm expects a net loss of 70 billion yen (S$848 million) in the fiscal year ending March, said a statement yesterday.

The global commodity slump is squeezing the general trading houses like Mitsui and Mitsubishi.


A version of this article appeared in the print edition of The Straits Times on March 24, 2016, with the headline 'MoneyBriefs'. Print Edition | Subscribe