China Oilfield Services (2883), a majority-owned subsidiary CNOOC (0883) said net profit expanded by 35.76 times from a year ago to 1.14 billion yuan (HK$1.25 billion) during the first quarter this year driven by relatively stable demand for exploration and development in China despite the coronavirus pandemic and crude price turmoil. Revenue grew by 38.3 percent year-on-year to 8.17 billion yuan. The operating days of the company's service segments overall extended, with that for drilling services increasing by 17.4 percent to 3,889 days. However, the company recorded an impairment loss of 847 million yuan for a large equipment asset during the first quarter, an increase of 846 million yuan from a year ago. Shares of the company gained by 5.43 percent to HK$6.02 today.

Source: The Standard April 29, 2020 10:43 UTC