PetroChina Expects 2015 Profit To Decline As Much As 70%

(RTTNews) - PetroChina Co. Ltd. (PTR) announced that it expects its net profit attributable to equity holders of the company for the year of 2015 to decrease by 60 percent to 70 percent from the previous year.

The company attributed its lower earnings expectation for 2015 to the factors such as significant decline of price of international crude oil and the lower price of domestic natural gas.

For the full-year 2014, the company had reported net profit attributable to equity holders of RMB 107.17 billion or RMB 0.59 per share.

In addition, the company forecast the market of international oil and gas to continue to slump in 2016 and the market competition to be further intensified.

Meanehile, in order to endeavour to bring continuing returns to all shareholders, the company plans to actively implement the four strategies including resource, marketing, internationalization and innovation, actively implement measures for broadening sources of income and reducing expenditure as well as cutting costs and enhancing efficiency, and optimize its business layouts and asset structures.

PTR closed Friday's trading session at $61.12.