HONG KONG (Reuters) - Chinese oil major PetroChina Co Ltd (0857.HK) reported a 26 percent drop in fourth-quarter net profit on Thursday, lagging forecasts, as strong upstream gains were offset by massive losses at its refining segment.
PetroChina (601857.SS)(PTR.N), the country’s dominant oil and gas producer that also owns refineries, posted a fourth-quarter net profit of 29.55 billion yuan ($4.69 billion), down from 40 billion yuan in the same period in 2010, based on Reuters’ calculations.
The result compared with a forecast of 35.17 billion yuan, according to Reuters calculations.
For the full year, the state-run company posted a net profit of 132.96 billion yuan, versus 139.99 billion yuan in 2010. The result compared with a consensus forecast of 138.58 billion yuan from 31 analysts polled by Thomson Reuters I/B/E/S.
($1 = 6.3060 Chinese yuan)
Reporting by Charlie Zhu and Alison Lui; Editing by Muralikumar Anantharaman and Chris Lewis