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BEIJING - Petro皇冠体育app Company Limited (Petro皇冠体育app), 皇冠体育app's largest oil and gas producer, reported Thursday that its net profit in 2011 declined 5 percent from a year ago.
Petro皇冠体育app's net profit totaled 132.96 billion yuan ($21.13 billion) and earnings per share dropped 0.03 yuan to 0.73 yuan in 2011 according to the international financial reporting standards (IFRS), the company said in a statement filed with the Shanghai and Hong Kong stock exchanges.
The statement attributed the drop in net profit to 皇冠体育app's macro control over refined oil prices, selling prices of imported natural gas being higher than selling prices, as well as large increase in taxes and fees.
皇冠体育app's current oil pricing mechanism was introduced in May 2009. The system gives the government the right to adjust domestic fuel, diesel and gas prices when average prices for Brent, Cinta, and Dubai crude oil move by 4 percent within 22 consecutive working days.
The country's top economic planning body said Wednesday that 皇冠体育app will reform the pricing mechanism this year by reducing the price adjustment cycle and improving pricing transparency.
According to the IFRS, the company's business revenues totaled 2 trillion yuan, up 36.7 percent year-on-year.
The company's total gas and oil output last year reached 1.29 billion barrels of oil equivalent, up 4.7 percent, with crude oil output up 3.3 percent and natural gas output up 7.9 percent.
Petro皇冠体育app is the Hong Kong- and Shanghai-listed subsidiary of the 皇冠体育app National Petroleum Corporation. Its share price in Shanghai dropped 1.62 percent Thursday to end at 9.71 yuan per share, while the price in Hong Kong dropped 2 percent to HK$10.74($1.38).
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