PetroChina 2Q Profit Rises 29%, Beats Forecast

Reuters

HONG KONG, Aug 22 (Reuters) – PetroChina Co Ltd , the country's dominant oil and gas producer which also owns refineries, posted a 29 percent rise in its second-quarter profit, beating analyst estimates.

Net profit rose to 29.5 billion yuan ($4.8 billion) in April-June from 22.8 billion yuan a year earlier, according to Reuters calculations based on PetroChina's first-half results released on Thursday. That compares with an average forecast of 25.4 billion yuan by five analysts polled by Thomson Reuters.

Net income increased as improved profitability at PetroChina's refining and natural gas import business offset lower international crude prices.

($1 = 6.1234 Chinese yuan)

(Reporting by Charlie Zhu; Additional reporting by Twinnie Siu and Christina Lo; Editing by Ryan Woo)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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