PetroChina FY Profit Plunges

(RTTNews) - PetroChina Co. Ltd. (PTR) reported a profit for the fiscal year 2015 that decreased 66.9% from last year's reflecting the crude oil price drop.

Net profit attributable to owners of the company for 2015 decreased 66.9% to RMB 35.517 billion from RMB 107.172 billion in 2014. Basic earnings per share were RMB0.19, representing a decrease of RMB0.40 as compared with last year.

In 2015, the global economic recovery slowed down, the downward pressure on China's economy continuously intensified, the overall supply in the oil and gas market was sufficient and the international oil prices kept dropping at a low level, the company said.

Revenue decreased by 24.4% to RMB1.725 trillion from RMB 2.283 trillion in the previous year. This was primarily due to the combined effects of the decreasing selling prices of crude oil and refined oil, and the changes in the sales volume of crude oil, natural gas, refined oil and other major products. The table below sets out external sales volume and average realised prices for major products sold by the Group and their respective percentage of change in 2015 and 2014, respectively.

The Board recommended a final dividend of RMB0.02486 per share for 2015, which is based on 45% of the net profit of the Group for the twelve months ended December 31, 2015 after deducting the interim dividend for 2015 paid respectively on September 18, 2015 (in respect of A shares) and on October 27, 2015 (in respect of H shares).

The proposed final dividend is subject to shareholders' review and approval at the forthcoming annual general meeting to be held on May 25, 2016. The final dividend will be paid to shareholders whose names appear on the register of members of the Company at the close of trading on June 7, 2016.