PetroChina’s full-year profit beat analyst estimates as higher gas prices helped the country’s biggest energy producer counter import costs.
Net income rose 12 percent to 129.6 billion yuan ($20.8 billion) last year, the Beijing-based company said in a statement to the Shanghai stock exchange today.
That compares with the 125.7 billion-yuan mean of 13 analyst estimates compiled by Bloomberg.
China raised non-residential gas prices by 15 percent in July, which will help boost PetroChina’s profit by 20 billion yuan on an annual basis, according to president Wang Dongjin.
The shares have dropped 10 percent this year in Hong Kong trading, compared with a 9.1 percent decline in the city’s benchmark Hang Seng Index.
PetroChina fell 0.9 percent to HK$7.62 today. The earnings were announced after the close of markets.
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