China Oil & Gas 2014 Profit Drops

China Oil & Gas Group Ltd. posted a 23% decline in its net profit for 2014. China Oil & Gas posted a net profit of 308.7 million Hong Kong dollars (US$39.8 million) for the full year, versus a year-ago profit of HK$401.5 million. Its revenue climbed 20% to HK$7.70 billion. The company's sales of natural gas rose 12%, while the cost of sales jumped to HK$6.54 billion versus HK$4.99 billion.