The exploration and production unit of state-owned China National Offshore Oil Corporation reported a net loss of 7.74 billion yuan ($1.16 billion), reversing a year-earlier profit of 14.73 billion yuan, as turnover dropped 28.5% over the year to 55.08 billion yuan.
It is the first loss to be reported by the company since it was listed on the New York and Hong Kong bourses in 2001.
Despite
