PetroChina doubled its profit in 2018

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The Chinese oil and gas company, PetroChina, doubled its net profit in 2108, Bloomberg reports. The largest oil producer in the country announced a net profit growth of 132% last year. The company's profit was 52.8 billion yuan, or 7.8 billion in terms of dollars. According to international forecasts, the profit should have reached 62 billion yuan. PetroChina got rid of some assets and funds last year, losing 10 billion yuan. Without the write-off, the company could increase profits by 149% in 2018. The company raised gas prices in winter, but the decline in oil prices in the last quarter of 2018 offset growth. PetroChina cites increased gas demand, higher production efficiency and lower costs, along with an increase in revenue sources, among the reasons for higher profits.

 

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