PetroChina Profit Misses Estimates on State Fuel-Price Curbs
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PetroChina Co., Asia’s biggest company by market value, posted a 14 percent gain in first-quarter profit, missing estimates, after increases in state-controlled fuel prices lagged behind gains in crude oil costs.
Net income rose to 37 billion yuan ($5.7 billion), or 0.2 yuan a share, from 32.5 billion yuan, or 0.18 yuan, a year earlier, PetroChina said in a statement to the Shanghai stock exchange today. That compares with a median estimate of 38.4 billion yuan in a Bloomberg survey of five analysts.