SPC posts 75.8% drop in Q2 earnings

Continuing weak demand for oil products, compounded by exports from new rival refineries saw Singapore Petroleum Co. (SPC), now a subsidiary of Chinese oil giant PetroChina, chalk up a second-quarter net profit of just US$43.5 million, a 75.8% drop from the same period a year ago. Revenue in the April-June period of US$1.7 billion was also just over half of last year’s US$3.25 billion. The weak Q2 performance brought its net profit for the first half down by 64.4% to US$99.14 million from US$278.75 million in the same period a year ago, while revenue was US$3.15 billion, a 47% drop from last year’s US$5.96 billion. (July 22, 2009)