PetroChina Q3 net profit rise 30%

30 October 2008 06:56  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s state-owned oil major PetroChina has reported a 30% increase in third quarter net profits to Yuan (CNY) 39.89bn ($5.83bn) from CNY 30.70bn a year earlier, the company said in a statement late Wednesday.

 

Sales for the period soared 47.7% year-on-year to CNY 304.14bn while operating profits jumped 32.3% to CNY 54.72bn.

 

“PetroChina succeeded in overcoming market fluctuations in chemical products. The company modified its product mix in a timely manner and implemented measures such as quality optimization and upgrading,” said the company referring to the financial turmoil in the US that sparked a sharp decline in international crude prices.

 

The company’s net profits for the nine months to 30 September, however, fell approximately 17% to CNY 93.5bn as compared to CNY 112.53bn in the previous corresponding period.

 

PetroChina said it has produced 4.8% more ethylene year-on-year while synthetic resin and synthetic fibre raw materials output grew 4.7% and polymers production jumped 15.1% during the period, but did not report the financial performance of its chemical business separately.

 

Rival petrochemical major, Sinopec, had just announced a 39% plunge in net profits for its third quarter due to rapidly falling chemical prices coupled with squeezed refinery margins.

 

“The company also achieved significant breakthroughs in key technologies and new product development, which enabled the company to offer high value-added chemical products to the market,” the state-owned company said.

 

“Looking forward, PetroChina will continue to actively respond to the negative impacts brought about by the international financial turmoil on the real economy,” the company said

 

The company said it would ensure that the production and operation of its various business segments are properly run to achieve its overall goal for the whole year.

 

As at 2:30pm local time (6:30am GMT) PetroChina shares were up 14.02% at the Hong Kong Stock Exchange.

 

($1 = CNY 6.84)

 

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By: Bohan Loh
+65 6780 4359

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