PetroChina Q1 net profits down 31.5%

PetroChina Co. Ltd. (PetroChina)<601857><0857>, the country's largest oil and gas producer and distributor, announced today that its net profits in the first quarter went down 31.5% to RMB 28.885 billion, citing the international accounting standards.

Its sales income increased 41.9% to RMB 259.048 billion by the end of the Jan-Mar period. Basic and diluted earnings per share were RMB 0.16, down 33% from the corresponding period of 2007, according to its quarterly report.

The company also reported that, citing the Chinese accounting standards, it realized net profits of RMB 26.519 billion, down 28.6% from the same period of 2007. Basic earnings per share were RMB 0.14, dropped by 30.2% year on year.

The main reasons caused its net profits decline were because of the surging special oil gain levy and loss in oil processing business, the company said.