Bigger decline in profit for PetroChina
By Richard Fu |
March 22, 2013, Friday
|
Print Edition
Print Edition
PETROCHINA Co yesterday said earnings fell a more-than-expected 13.3 percent in 2012, hit by losses in natural gas imports and oil refining business because of government price control.
Net income totaled 115.3 billion yuan (US$18.6 billion) last year, down from 132.96 billion yuan in 2011 and 140 billion yuan in 2010, China's largest oil company said yesterday. Twenty nine analysts polled by Thomson Reuters had a consensus forecast of 125.1 billion yuan.
Turnover rose 9.6 percent to 2.2 trillion yuan as crude oil output gained 3.4 percent, the highest in recent years, to 916.5 million barrels last year.
Its fourth-quarter net income fell 3.9 percent from a year earlier to 28.4 billion yuan, according to Shanghai Daily calculations.
PetroChina and Sinopec have fallen victim to a government cap on domestic selling prices for refined fuel and natural gas, although their upstream business has been profiting hugely from high crude oil prices.
As China's largest natural gas importer, PetroChina's gas imports have been hit hard because of increasing volume. The company lost about 41.9 billion yuan in gas imports last year, including piped gas from Central Asia and liquefied natural gas from elsewhere.
With domestic gas growth of 7 percent this year, Bernstein analysts said they expect losses in gas imports to continue into 2013 without radical pricing reform.
Its refining operations declined 33.7 billion yuan last year, a drop of 26.4 billion yuan from 2011.
Net income totaled 115.3 billion yuan (US$18.6 billion) last year, down from 132.96 billion yuan in 2011 and 140 billion yuan in 2010, China's largest oil company said yesterday. Twenty nine analysts polled by Thomson Reuters had a consensus forecast of 125.1 billion yuan.
Turnover rose 9.6 percent to 2.2 trillion yuan as crude oil output gained 3.4 percent, the highest in recent years, to 916.5 million barrels last year.
Its fourth-quarter net income fell 3.9 percent from a year earlier to 28.4 billion yuan, according to Shanghai Daily calculations.
PetroChina and Sinopec have fallen victim to a government cap on domestic selling prices for refined fuel and natural gas, although their upstream business has been profiting hugely from high crude oil prices.
As China's largest natural gas importer, PetroChina's gas imports have been hit hard because of increasing volume. The company lost about 41.9 billion yuan in gas imports last year, including piped gas from Central Asia and liquefied natural gas from elsewhere.
With domestic gas growth of 7 percent this year, Bernstein analysts said they expect losses in gas imports to continue into 2013 without radical pricing reform.
Its refining operations declined 33.7 billion yuan last year, a drop of 26.4 billion yuan from 2011.
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