PetroChina posts lower profits in Q1

PetroChina Co. Ltd. saw first-quarter net profits fall by 35.3% to RMB18.95 billion (US$2.78 billion) due to lower prices at the pump and weak demand, Earlier, PetroChina also posted a 22% drop in net profit for the full year of 2008 due to fuel price caps, windfall taxes and decreased demand in the last quarter of the year. Net profit in 2008 amounted to RMB114.43 billion (US$16.76 billion), from RMB146.75 billion (US$21.49 billion) in 2007. It was the first time that the company saw its profit decline since 2001. Earnings per share in 2008 fell by RMB0.19 (US$0.03) to RMB0.63 (US$0.09). (April 16/May 1, 2009)