PetroChina's net pft jumps 104.5% to Rmb55.231bn in 2000

24 April 2001 03:30  [Source: ICIS news]

SINGAPORE (CNI)--PetroChina's financial results for the year ended 31 December 2000 showed a 104.5% jump in net profit to Rmb 55.231bn ($6.68bn/Euro7.40bn) from Rmb27.001bn in 1999.

The company's turnover was Rmb 241.992bn against Rmb175. 969bn the year before.

Its operating profit was Rmb85.759bn, 82.8% higher than the Rmb46.9bn achieved in 1999.

Pretax profit rose 124.61% from 1999 to Rmb82.051bn last year.

PetroChina attributed the strong increase in profits to:

• Increased prices of its principal products.
• Increased sales volume.
• A decrease in financial costs.
• Effective implementation of its ongoing restructuring and cost reduction strategies.

As expected, the company's exploration and production segment was the star performer last year, chalking up turnover of Rmb 170.928bn, 55.1% higher than the previous year.

Turnover from the refining segment was up 37% to Rmb161.148bn.

Chemicals turnover climbed 31.3% to Rmb33.364bn.

Turnover from the natural gas segment rose 19.2% to Rmb7.163bn.

The increase in the chemical segment's turnover was due primarily to an increase in sales volume and increases in product prices.

In 2000, PetroChina produced approximately 1.5m tonne of ethylene, approximately 1.85m tonne of synthetic resin, approximately 0.30m tonne of synthetic fibres, approximately 0.22m tonne of synthetic rubber, and approximately 3.11m tonne of urea.

The segment also met 66.7% of the Rmb1.2bn cost reduction target set for the four years from 1999 to 2002.

In addition, the government's intensified anti-smuggling efforts last year also helped chemical sales.

The chemical segment's operating profit rose 104.9% from a loss of Rmb1.704bn in 1999 to a gain of Rmb70m in 2000.

PetroChina consolidated a number of less efficient refining and chemical facilities last year. As a result, two new petrochemical plants were established in October in Lanzhou and Daqing to integrate the operations of four original refining and chemical plants. It says these two new plants are well positioned to focus on production of higher value products and have the potential to be expanded into major oil refining and production bases for synthetic resin and its derivative.

By: Karen Chur
+65 6780 4359

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