PetroChina Q2 profit rises 29 percent, beats forecast

HONG KONG Thu Aug 22, 2013 4:49am EDT

A PetroChina logo is pictured at one of the company's petrol stations in central Beijing March 25, 2010. REUTERS/David Gray

A PetroChina logo is pictured at one of the company's petrol stations in central Beijing March 25, 2010.

Credit: Reuters/David Gray

HONG KONG (Reuters) - PetroChina Co Ltd (0857.HK)(601857.SS)(PTR.N), the country's dominant oil and gas producer which also owns refineries, posted a 29 percent rise in its second-quarter profit, beating analyst estimates.

Net profit rose to 29.5 billion yuan ($4.8 billion) in April-June from 22.8 billion yuan a year earlier, according to Reuters calculations based on PetroChina's first-half results released on Thursday. That compares with an average forecast of 25.4 billion yuan by five analysts polled by Thomson Reuters.

Net income increased as improved profitability at PetroChina's refining and natural gas import business offset lower international crude prices.

(Reporting by Charlie Zhu; Additional reporting by Twinnie Siu and Christina Lo; Editing by Ryan Woo)

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