|
Friday August 28, 02:20 PM
|
|
PetroChina posts first profit in 3 qtrs, beats forecasts
HONG KONG (Reuters) - PetroChina, the world's most valuable oil and gas producer, posted its first profit in three quarters on Friday as higher fuel prices in China offset the steep slide in crude oil prices.
PetroChina's net profit was 31.54 billion yuan ($4.62 billion) in April-June, compared with a restated 54.44 billion yuan in the same quarter last year and a consensus forecast of 30.1 billion yuan from five analysts polled by Reuters.
Like top Asian refiner Sinopec Corp., PetroChina, ranked as China's No.2 refiner, benefitted from Beijing's two fuel increases in June.
At the same time, the company has been hit by the sharp fall in oil prices, a challenge facing other international oil producers including Exxon Mobil and Royal Dutch Shell Plc.
(For more news on Reuters Money click http://in.reuters.com/money)
