In mid-April 2002, PetroChina announced in Hong Kong that the company's annual net profit in 2001 is 46.808 billion yuan (8.2 yuan equals to US$1), 15.25 percent down from the same period of the previous year. As compared with other oil companies both at home and abroad, this decrease margin is relatively low and in line with the market expectations, reflecting the remarkable results PetroChina has achieved in cost reduction and operational efficiency in the past year. PetroChina tops all other companies listed at HKSE in term of the 2001 profit. The media in Hong Kong described PetroChina as the most profitable company listed in Asia despite of its 15.25 percent drop in the annual earnings.
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