PetroChina Q3 net profit grows 19%, revenue up 5.5%

29 October 2013 10:31  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina’s third-quarter net profit increased 19.4% year on year to yuan (CNY) 29.8bn ($4.9bn), thanks to higher sales of oil and refined products.

Its operating profit in July-September stood at CNY43.9bn, representing an 11.8% increase from the same period last year, with revenues up 5.5% to CNY581.7bn, the oil giant said in a statement. 

In the first nine months of the year, PetroChina’s net profit rose 9.6% year on year to CNY95.3bn, while its operating profit increased 10.7% to CNY143.8bn, it said.

Continued weakness in the domestic chemical markets saw PetroChina’s chemical operations incurring a bigger operating loss of CNY14.7bn in January-September 2013, it said.

The company’s production of ethylene for the nine-month period inched up 12.1% to 2.9m tonnes, while its synthetic resins output grew 11.1% to 4.8m tonnes.

PetroChina’s total oil and gas production in the first three quarters of 2013 stood at about 1bn barrels of oil equivalent, representing a 4.3% year-on-year increase.

($1 = CNY6.09)

By: Fanny Zhang
+65 6780 4359

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