RSS   Newsletter   Contact   Advertise with us
Post Online Media

CNOOC net profit for 2016 $92.4 million

CNOOC   Profit was down by 97%

CNOOC shares rebounded sharply in Japan on Friday after the big Chinese oil producer reported a profit for 2016 and the market had been expecting a loss.

The stock hit a high of 9.28 Hong Kong dollars, up HK$0.390, or 4.38%, from Thursday after falling for two straight days.

After Thursday's close, CNOOC said its net profit for 2016 came to 637 million yuan ($92.4 million). Although profit was down by 97% compared to 2015, investors were cheered that the company avoided slipping into the red, as expected.

The market was also emboldened by CNOOC executives' positive outlook for future earnings.

The median forecast among analysts surveyed by QUICK-FactSet was a loss of 4.2 billion yuan.


What to read next


POST Online Media does not use cookies to collect information about visitors.   OK, hide this message   Third party ads may be using cookies, you can see how here.