PetroChina Rides Oil's Rally as Gas Import Losses Held in Check
- First-quarter net income advances 78% to 10.15 billion yuan
- E&P profit jumps more than fivefold; gas losses slightly cut
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PetroChina Co.’s profit rose 78 percent in the first quarter as the country’s largest oil and gas producer benefited from a rally in crude prices while holding in check its losses from reselling imported gas.
Net income rose to 10.15 billion yuan ($1.6 billion) in the January-March period, from 5.7 billion yuan a year ago, the Beijing-based company said in a statement posted to the Shanghai stock exchange around midnight Saturday. That’s the highest quarterly profit since the second quarter of 2016. Revenue increased 9.9 percent to 542.7 billion yuan.