PetroChina posts 36% drop in Q1 net profit

27 April 2009 16:40  [Source: ICIS news]

LONDON (ICIS news)--PetroChina posted a 36% drop in first-quarter net income to yuan (CNY) 18.8bn ($2.8bn), down from CNY29.4bn in the same period last year, the Chinese energy giant said on Monday.

The group’s sales dropped 30% to CNY181.6bn as sales volumes for most products apart from natural gas declined year on year.

Volumes for petrochemicals were down on the whole. Ethylene production dropped 6.5% year on year to 663,000 tonnes, while synthetic resin was down 3.5% to 1.04m tonnes.

Synthetic fibre raw materials and polymer output was down 15% to 373,000 tonnes. Synthetic rubber bucked the trend with a 17.1% increase to 96,000 tonnes, but urea production fell 6.2% to 958,000 tonnes.

($1 = CNY6.83)

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By: Mark Watts
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