PetroChina Profits Rise 2.4 Percent

China's giant oil company PetroChina has announced a 2.4 percent rise in 2007 earnings on increasing oil prices, falling short of analyst predictions.

PetroChina's full-year net profit came to CNY145.63bn (US$20.61bn), up from CNY142.2bn the previous year.

Analysts polled by Thomson Financial last week forecast, on average, a net profit of CNY152.1bn, while analysts polled by Reuters Estimates predicted profits of CNY150.63bn.

By staff writer