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CNOOC shares slide 4 pct after earnings disappoint
March 31, 2014 / 2:05 AM / 4 years ago

CNOOC shares slide 4 pct after earnings disappoint

HONG KONG, March 31 (Reuters) - Shares of China’s top offshore oil producer, CNOOC Ltd, fell on Monday after it posted an 11.4 percent slide in its 2013 net profit, lagging analysts’ forecasts.

CNOOC posted a net profit of 56.5 billion yuan ($9.10 billion) for last year, versus 63.7 billion yuan in 2012, as it struggled to deliver production growth and control costs amid weakening crude prices.

Its shares fell as much as 4.4 percent on Monday to HK$11.78 ($1.52), lagging a flat broader market ($1 = 6.2122 Chinese Yuan) ($1 = 7.7573 Hong Kong Dollars) (Reporting By Anne Marie Roantree)

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