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PetroChina’s Profit Growth Slumps as Fuel Prices Lag Behind Oil
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Profit growth at PetroChina Co., Asia’s biggest company by market value, slumped in the second quarter after government controls on gasoline and diesel tariffs curbed gains from higher crude oil prices.
Net income rose 4 percent to 32.8 billion yuan ($4.8 billion), according to calculations made by subtracting first-quarter earnings from six-month profit reported by the company in Hong Kong today. Spokesman Mao Zefeng said he couldn’t immediately comment on the derived figure. Profit surged 71 percent in the first three months.