PetroChina’s 2012 net profit falls 13% to $18.5bn

21 March 2013 09:52  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina has posted a net profit of yuan (CNY) 115.3bn ($18.5bn) in 2012, a decrease of 13% from the previous year, due to big losses in its natural gas importing, refining and chemical operations, the company announced on Thursday.

Its total revenue increased by 9.6% to CNY2,195.3bn in 2012, thanks to higher prices and sales of products such as natural gas, gasoline and diesel.

Its operating profit in 2012 was CNY174.5bn, 4.4% lower than 2011, according to the company.

Its refining business posted a CNY33.7bn loss in 2012, compared with CNY60.1bn in 2011, while chemical business registered a loss of CNY9.8bn, CNY8.1bn deeper than 2011.

The company’s sales of polyethylene (PE) in 2012 increased by 5.5% to 3m tonnes, but the average realised PE prices in 2012 declined by 3.6% to CNY9,082/tonne.

Its productions of ethylene in 2012 rose by 6.4% to 3.7m tonnes, and that of synthetic resin rose by 7.0% to 6.1m tonnes, it said.

Production of synthetic fibre materials and polymers decreased by 21.5% to 1.6m tonnes in 2012. Urea output in 2012 was 4.4m tonnes, 1.7% lower than 2011.

Its production of synthetic rubber gained 4.5% to 633,000 tonnes last year.

PetroChina expects the world economy to recover at a moderate rate this year, and energy demand will be driven up accordingly.

($1 = CNY6.22)


By: Fanny Zhang
+65 6780 4359



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