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PetroChina Flags $1.5 Billion Writedown While Profit Doubles

  • Net income may have surged to as much as 52.8b yuan in 2018
  • Producer disposed of oil, gas assets that had to be scrapped
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Bloomberg’s Aibing Guo reports on PetroChina’s results.(Source: Bloomberg)
Updated on

PetroChina Co. warned of a $1.5 billion writedown from the disposal of some assets as it estimated full-year net income more than doubled last year. Shares fell.

China’s biggest oil and gas producer lost as much as 2.3 percent in Hong Kong Tuesday. Huatai Financial Holdings (Hong Kong) Ltd. cut its rating on the stock to hold and slashed its price target by 40 percent, cautioning that PetroChina faced a weak fourth quarter due to write-offs and large inventory losses.