PetroChina posts 21% jump in net profit in Q4
Print Edition
PETROCHINA Co posted a 21 percent jump in net profit in the fourth quarter of last year due to higher natural gas prices and reduced refining losses.
Fourth-quarter earnings rose to 34.3 billion yuan (US$5.5 billion) from 28.4 billion yuan a year earlier, according to calculations based on its annual results released yesterday by China’s top oil and gas producer.
PetroChina, also the country’s largest gas importer, had posted heavy losses due to price regulation at home. The government in July raised non-residential gas prices by 15 percent to encourage production and import
“We see good natural gas profitability from further price hikes and Chinese natural gas demand at low double-digit growth, which partly offsets a higher import burden,” JPMorgan analysts said in a note.
For the whole year, PetroChina’s net profit gained 12 percent to 129.6 billion yuan while sales rose 2.9 percent to 2.26 trillion yuan. The profit exceeded the average estimates of 126.8 billion yuan of 30 analysts polled by Thomson Reuters.
Operating losses from its refining and chemical business narrowed to 24.4 billion yuan from 43.5 billion yuan after the government eased control on fuel prices.
Meanwhile, PetroChina said it will cut capital expenditure by another 7 percent this year, by adjusting the pace of project construction to better concentrate on investment return.
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