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PetroChina profit plunges 33.4 pct in Q3


08:44, October 31, 2012

BEIJING, Oct. 30 (Xinhua) -- Chinese oil giant PetroChina Co. said Tuesday that its net profit in the third quarter tumbled 33.4 percent from a year earlier to 24.93 billion yuan (3.96 billion U.S. dollars).

The contraction in the third quarter was sharper than the 6-percent decline recorded in the first half of this year.

In a statement filed with the Shanghai Stock Exchange, PetroChina attributed the contraction in net profit to increased imported natural gas, heavy losses in the refinery business and the price formation mechanism that is strictly controlled by the state in the domestic market.

In the July-September period, the oil giant's business revenues rose 3.95 percent year on year to 551.61 billion yuan, with its earnings per share standing at 0.14 yuan, compared with 0.2 yuan in the same period of last year, it said.

For the first nine months of this year, PetroChina's net profit dropped 15.9 percent year on year to 86.96 billion yuan.

The company's crude oil output rose 2 percent year on year to 683.2 million barrels, while the volume of processed crude oil amounted to 743.5 million barrels, up 2.5 percent from a year ago.

Meanwhile, due to weak domestic demand and government price controls, PetroChina's refining and chemicals business posted losses of 37.4 billion yuan.

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