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PetroChina Q1 profit falls YOY

PetroChina Company Ltd said its first-quarter normalized net income was 2 fen per share, compared with the S&P Capital IQ consensus estimate of 3 fen per share.

EPS fell 84.5% year over year from 15 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.68 billion yuan, a decrease of 82.3% from 26.50 billion yuan in the year-earlier period.

The normalized profit margin fell to 1.1% from 5.0% in the year-earlier period.

Total revenue decreased 22.4% on an annual basis to 410.34 billion yuan from 528.95 billion yuan, and total operating expenses decreased 16.9% from the prior-year period to 396.44 billion yuan from 476.78 billion yuan.

Reported net income fell 82.0% year over year to 6.15 billion yuan, or 3 fen per share, from 34.25 billion yuan, or 19 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.