By Martin Mou
PetroChina Co. (0857.HK) released its third-quarter earnings on Wednesday. Here's what we watched:
NET PROFIT: Net profit for the quarter was 8.83 billion yuan ($1.25 billion), a sharp drop from CNY21.22 billion in the same period last year. Analysts polled by FactSet had expected net profit of CNY11.91 billion. Lower global oil prices and intense competition in the domestic oil market weighed on its results, PetroChina said.
REVENUE: Third-quarter revenue ticked up to CNY618.14 billion, missing the FactSet estimate of CNY644 billion.
WHAT WE WATCHED:
--PetroChina has been ramping up exploration and production activities in the first nine months of the year, leading to stronger sales of crude oil and natural gas. The upstream segment remains a pillar of growth for the Chinese oil major.
--Operating profit for PetroChina's refinery and chemicals business fell, however, as the segment's gross profit narrowed due to weaker prices.
Write to Martin Mou at firstname.lastname@example.org
(END) Dow Jones Newswires
October 30, 2019 05:40 ET (09:40 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.