PetroChina posts 21% fall in Q2 earnings
By Richard Fu |
August 24, 2012, Friday
|
Print Edition
Print Edition
PETROCHINA Co's second-quarter net profit fell more than a fifth due to lower crude rates and refining losses, as it warns the energy industry's outlook remains uncertain amid a global slowdown.
The nation's largest oil producer earned 22.8 billion yuan (US$3.59 billion) in the April-June quarter, down 21 percent year on year, according to calculations based on interim results released yesterday. That's below the average forecast of 26.73 billion yuan by eight analysts in a Reuters poll.
Its net profit fell 6 percent to 62 billion yuan in the first half of the year.
"The road to a global economic recovery will remain sluggish and tortuous in the second half of 2012," PetroChina said, adding that it expects the Chinese economy to continue growing slowly.
The company, also China's second-largest refiner, incurred a loss of 23.3 billion yuan from its refining business in the first half, as the government controls fuel prices to check inflation. Its chemicals business lost 5.57 billion yuan in the first half as an economic slowdown hurt demand.
China cut fuel prices three times between May and July after global crude rates fell. It raised fuel rates this month for the first time since March.
Net profit in PetroChina's natural gas and pipeline segment tumbled 84.7 percent to 1.64 billion yuan in the first six months of the year.
The nation's largest oil producer earned 22.8 billion yuan (US$3.59 billion) in the April-June quarter, down 21 percent year on year, according to calculations based on interim results released yesterday. That's below the average forecast of 26.73 billion yuan by eight analysts in a Reuters poll.
Its net profit fell 6 percent to 62 billion yuan in the first half of the year.
"The road to a global economic recovery will remain sluggish and tortuous in the second half of 2012," PetroChina said, adding that it expects the Chinese economy to continue growing slowly.
The company, also China's second-largest refiner, incurred a loss of 23.3 billion yuan from its refining business in the first half, as the government controls fuel prices to check inflation. Its chemicals business lost 5.57 billion yuan in the first half as an economic slowdown hurt demand.
China cut fuel prices three times between May and July after global crude rates fell. It raised fuel rates this month for the first time since March.
Net profit in PetroChina's natural gas and pipeline segment tumbled 84.7 percent to 1.64 billion yuan in the first six months of the year.
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