PetroChina net profit drops 82% in Q1

PetroChina Co has blamed the plunge in global oil prices after reporting an 82 percent drop in net profit to 6.15 billion yuan ($1 billion) in the first quarter compared to the same period last year.

The State-owned energy giant said on Monday the results were "better-than-expected" as it struggles against a background of falling crude prices across the world.

As global demand dips, PetroChina's average oil price fell 51.2 percent year-on-year to $48.87 a barrel for the first three months.