27 October 2011 15:17 [Source: ICIS news]
GUANGZHOU (ICIS)--PetroChina announced on Thursday that its net profit for the third quarter increased by 7.8% year on year to yuan (CNY) 37.4bn ($5.9bn) as a result of increased sales revenues.
Revenue in the July–September period surged by 46.1% year on year to CNY530.7bn, the company said.
For the first three quarters, the company's net profit increased by 3.4% to CNY103.4bn, PetroChina added.
In the first three quarters of 2011, the company’s oil production increased by 4.8% year on year to 670.1m barrels, while output of marketable natural gas reached 1,734.8 billion cubic feet, a year-on-year increase of 5.9%.
The exploration and production segment generated an operating profit of CNY160.8bn from January–September, 40.4% higher than the same period last year, thanks to increasing output.
The company’s refining and chemical segment posted a CNY38.4bn loss, with a CNY41.5bn loss at its refining business as international crude stayed strong while ?xml:namespace>
PetroChina’s marketing segment achieved an operating profit of CNY18.0bn during the January–September period, an increase of 59.5% from the same period last year, thanks to strong sales.
The company’s sales of oil gasoline, kerosene and diesel in the first nine months of 2011 increased by 18% year on year, to 107.2m tonnes.
Its natural gas and pipeline operations realised an operating profit of CNY13.2bn in the first three quarters, down by 17.1% from the same period last year, because of increasing losses on importing natural gas.
For the fourth quarter, the company said it will maintain a “stable, balanced, efficient, controlled and coordinated” operation to ensure fulfilment of its targets.
($1 = CNY6.36)
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