PetroChina sees profits narrow

Multinational

BEIJING, April 7, 2017 – PetroChina on Friday made public its financial forecast for the first-quarter, indicating earnings in the range of USD 725-870 million.

While the first-quarter figures would mark a slight decrease from PetroChina’s fourth-quarter income of USD 899 million, it would see the company recover from a USD 2-billion loss over same period last year.

Last month, PetroChina posted a 78% decline in profits on lower oil and gas prices and the global economic slump. Revenue in 2016 was USD 235 billion, down 6.3% year-on-year, while profit stood USD 1.14 billion, a fraction of the USD 5.16 billion posted over 2015.

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