Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

Saudi Arabia Earns Aramco - (Copyright 2019 The Associated Press. All rights reserved)

Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.

Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year.