PetroChina posts higher Q1 profit, beats forecasts
Workers at a pump jack in the PetroChina’s Karamay oil field in northwestern China’s Xinjiang Uigur Autonomous Region in this file photo of November 4, 2007. PetroChina, Asia’s biggest company by market value, reported a 5.8 per cent rise in first-quarter profit on April 26, 2012. – Reuters picHONG KONG, April 26 – PetroChina, Asia’s biggest company by market value, reported a 5.8 per cent rise in first-quarter profit, beating forecast, as strong oil and natural gas production gains offset losses racked up by its refining and chemicals businesses.
Net income was 39.15 billion yuan (RM18.95 billion) in the first three months, compared with 37 billion a year earlier, the Beijing-based company said today.
That beat the average forecast of 33.97 billion yuan by eight analysts polled by Reuters.
Chinese refiners cannot fully pass on higher crude costs to consumers because of government controls on oil product prices. PetroChina posted a refining loss of 10.4 billion in the first quarter, compard with 60 billion yuan loss for the whole of last year.
Fuel price hikes in China are often smaller, and implemented later, than required under a government-set formula that tracks changes in global crude costs.
The government controls oil product prices to curb inflation. – Reuters
