China Natural Gas Q2 net profit up by 14.8% on higher LNG sales

15 August 2012 10:20  [Source: ICIS news]

SINGAPORE (ICIS)--China Natural Gas’ net profit rose by 14.8% year on year to $5m (€4.1m) in the second quarter of this year, as revenues surged by 38.8% on the back of higher liquefied natural gas (LNG) sales, the company said late on Tuesday.

The company’s overall revenue totalled $37.9m April-June 2012, while its operating income was up by 23.1% at $6.6m, the company said in a statement.

For the first six months of the year, China Natural Gas’ net profit was up by 4.3% year on year at $7.2m while its revenue rose by 37% to $70.2m, it said.

The firm’s operating income was up by 20% year on year at $10.3m in January-June 2012, the company added.

“We believe that the results demonstrate continued progress toward our sector and geographic growth and forward integration objectives,” said Shuwen Kang, CEO of China Natural Gas.

“Our outlook for the second half of the year is promising as we continue to grow our business, and we look forward to sharing any future developments as they materialize," Kang added.

Listed on the Nasdaq stock exchange, China Natural Gas mainly engages in natural gas distribution in China's Shaanxi and Henan provinces.

($1 = €0.81)

 



By: Fanny Zhang
+65 6780 4359



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