Cnooc Ltd 2012 Profits Decline on Slowing Output, Capital Spending

Bloomberg reported that Cnooc Ltd. has reported a lower profit for 2012 with a net income of $10.3 billion as the Chinese company focused on reviving output growth.

As quoted in the market news:

Net income fell to 63.7 billion yuan ($10.3 billion) from 70.3 billion yuan in 2011, the company said in Hong Kong stock exchange filing yesterday. That compared with the 65.3 billion yuan mean of 29 analyst estimates compiled by Bloomberg. Sales climbed 2.8 percent to 247.6 billion yuan.

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