China National Petroleum Corporation, state-owned parent of PetroChina, said it aims to cut its head count by 5 percent, or 80,000 workers.

(CCTV 07-26-2008 13:51)--China National Petroleum Corporation, state-owned parent of PetroChina, said it aims to cut its head count by 5 percent, or 80,000 workers, over three years to counter" title="n.计算者；柜台；计算机">counter rising costs after earnings" title="n.收益；报酬；获得">earnings dropped.

According to a statement posted on Friday by CNPC, the job-cut proposal came amid excessively rapid growth in investment and costs. CNPC also said it will improve its salary distribution system to control per-capita costs, as well as cut non-production spending such as the purchase of luxury cars and overseas" title="ad.(向)海外 a.海外的">overseas trips by 10 percent.

Dow Jones reported the company's pretax profit dropped 39 percent to 56.4 billion" title="num.万亿">billion yuan in the first half in annualized terms. CNPC's social responsibility report said the company's workforce totals 1.67 million.