PetroChina Q3 net profit rises 7.8% on increased sales revenues

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 China kept prices of oil products low. Its chemical business posted an operating profit of CNY3.1bn.

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)

By: Staff Reporter
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