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PetroChina profit misses consensus by 55.7% in Q3

PetroChina Company Ltd said its normalized net income for the third quarter came to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 5 fen per share.

EPS fell 80.9% year over year from 11 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.78 billion yuan, a decrease of 82.2% from 21.32 billion yuan in the year-earlier period.

The normalized profit margin fell to 0.9% from 3.5% in the year-earlier period.

Total revenue declined 28.8% on an annual basis to 427.48 billion yuan from 600.58 billion yuan, and total operating expenses decreased 26.3% year over year to 411.27 billion yuan from 558.13 billion yuan.

Reported net income decreased 81.4% on an annual basis to 5.20 billion yuan, or 3 fen per share, from 27.92 billion yuan, or 15 fen per share.

As of Oct. 29, US$1 was equivalent to 6.36 yuan.