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PetroChina profit misses consensus by 15.2% in Q2

PetroChina Company Ltd said its second-quarter normalized net income amounted to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS fell 29.8% year over year from 15 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.16 billion yuan, a decrease of 41.0% from 27.39 billion yuan in the year-earlier period.

The normalized profit margin dropped to 3.4% from 4.4% in the year-earlier period.

Total revenue declined 25.2% on an annual basis to 467.29 billion yuan from 625.02 billion yuan, and total operating expenses fell 24.4% on an annual basis to 434.06 billion yuan from 574.10 billion yuan.

Reported net income decreased 43.2% from the prior-year period to 19.26 billion yuan, or 12 fen per share, from 33.88 billion yuan, or 18 fen per share.

As of Aug. 27, US$1 was equivalent to 6.41 yuan.