PetroChina doubles H1 net profit, chems swing to profit

27 August 2003 10:35  [Source: ICIS news]

SINGAPORE (CNI)--PetroChina's chemicals division swung to profit in the first half of 2003 -- reversing losses in the same period a year earlier and helping the company almost double its overall net profit, the state oil and gas giant said on Wednesday.

 

On a consolidated basis, PetroChina recorded a net profit of Rmb38.62bn ($4.66bn/Euro4.28bn) -- up from Rmb19.58bn in the same period of 2002. Revenue figures were not provided.

 

The company said the increase was due to its efforts to enhance management, reduce costs and increase production. The company said consolidated net profit had also improved because of an increase in prices for its principal products -- crude oil, gasoline and diesel.

 

PetroChina said that there was significant improvement in its chemicals sector due to improved technology, an adjustment of its product mix and the fact that it was producing higher value materials.

 

The company’s operating profit for its chemicals and marketing division in the six months ended 30 June 2003 came in at Rmb648m, a significant improvement over the Rmb668m operating loss recorded in H1 2002.

 

During the period the company produced 869 000 tonne of ethylene, 1.1m tonne of synthetic resin, 112 000 tonne of synthetic rubber, 110 000 tonne of synthetic fibre and 1.93m tonne of urea. Except for synthetic fibres, the volumes of production were all higher than those recorded in the same period of 2002.

 

In the same period a year earlier the company produced 730 000 tonne ethylene, 957 000 tonne synthetic resin, 130 000 tonne synthetic fibre, 103 000 tonne synthetic rubber and 1.76m tonne urea.

 

PetroChina said that operating profits for its other three divisions also increased during the period. The exploration and production division’s operating profit rose by 69.7% to Rmb50.3bn, refining and marketing more than doubled to Rmb1.5bn and the natural gas pipeline division’s rose 63.5% to Rmb1.3bn.

 

 

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