PetroChina first-quarter profit dives 82%

HONG KONG: PetroChina, China’s biggest oil and gas producer, reported a sharper-than-expected 82% fall in first-quarter profit, due to lower international crude prices and inventory writedowns at its refining division.

Net profit declined to 6.15 billion yuan (RM3.52bil) in the first three months from 34.2 billion (RM19.6bil) a year ago, the state-run company said on Monday. The figures were calculated using international accounting standards.

The earnings compared with an average forecast of 8.01 billion yuan by four analysts surveyed by Thomson Reuters.

Last month, PetroChina reported a 67% slump in net profit for the fourth quarter, lagging forecasts.

The company vowed to further slash pending and divest more assets this year. - Reuters