PetroChina sees nine-month profits fall 15.9%

Reduced profit flow: PetroChina sees nine-month earnings drop 15.9%

AFP/Scanpix

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Bill Lehane

 30 October 2012 12:17 GMT

State oil giant PetroChina has posted a steep drop in quarterly and nine-month net profits, attributing the falls to the weak global economy and lower Chinese gas prices among other factors.

The Hong Kong-, New York- and Shangai-listed integrated oil and gas player posted quarterly net profits down 33% year-on-year to 24.9 billion yuan ($3.98 billion).

For the year-to-date, the bottom line was down 15.9% on the same nine months in 2011 with net profits attributable to shareholders of 86.95 billion yuan ($13.94 billion).

The Chinese outfit said that “severe conditions caused by the weak global economic recovery and the slow-down in the demand for oil and petrochemical products and frequent natural disasters” all had to be taken into account.

Upstream was the company’s only segment to post a profit increase, led by…

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