CNPC runs into accounting woes

Company units erred in natural gas sales income calculation, audit finds

Oil and gas producer China National Petroleum Corp understated its profit for 2012 after 10 company units miscalculated natural gas sales income, the National Audit Office said on Friday.

After a thorough review of the company's 2012 financial results, the auditors said accounting errors were discovered in contracts with a total value of 26 billion yuan ($4.2 billion). The revenue miscalculation led to the group under-reporting some 603 million yuan in profit, the State auditor said on its website.