Cnooc 2012 Net Profit Drops 9.3%

Cnooc CEO posted a 9.3% drop in its 2012 net profit. Cnooc's net profit for the year fell to 63.69 billion yuan (US$10.3 billion), from CNY70.26 billion in the prior year. However, analysts were expecting a net profit of CNY64.86 billion. Its revenue climbed 2.8% to CNY247.63 billion from CNY240.94 billion. Cnooc shares closed at $184.15 yesterday.