PetroChina’s Q1 net profit up 8% despite economic environment

26 April 2012 14:58  [Source: ICIS news]

LONDON (ICIS)--PetroChina’s net profit grew by 8% year on year to yuan (CNY) 44bn ($7bn) in the first quarter of 2012, despite a difficult economic environment, the oil and gas producer said on Thursday.

In the three months ending 31 March 2012, Petrochina’s turnover rose to CNY525.6bn from CNY445.9bn in the same period the previous year, PetroChina said.

“The world economic environment in the first quarter of 2012 was complex and severe,” said Petrochina.

“The economic recovery in major developed economies was slow. The growth rate of emerging economies has slowed down, [and] geopolitical tensions remained turbulent,” it added.

The company said it achieved steady and relatively rapid development in production and operations, by focusing on developing its principal sectors.

PetroChina's refining and chemical segment posted a CNY10.8bn loss from operations, compared to a CNY3.7bn loss in the same period in 2011.

The exploration and production segment generated an operating profit of CNY60.4bn in the first quarter – a 32% increase from the same period last year.

($1 = CNY6.31)

By: Leigh Stringer
+44 208 652 3214

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