PetroChina first-half net income slumps 7.2% on lower oil prices

PetroChina Co, the world's most valuable company, said first-half profit fell 7.2 percent after crude oil prices dropped as the global economic slowdown curbed demand for fuels.

Net income declined to 50.5 billion yuan from a restated 54.4 billion yuan a year earlier, the Beijing-based producer said in a statement yesterday. That's higher than the median estimate of 49.9 billion yuan in a Bloomberg News survey of seven analysts. Sales reached 415.3 billion yuan.

Crude averaged 54 percent lower than a year earlier as the recession cut consumption in the US and Europe. Earnings may improve in the second half as oil prices recover and PetroChina boosts investments in refining.