28 Oct 2010 07:54

PetroChina's net profit up 23 pct year-on-year in first three quarters

Shanghai. October 28. INTERFAX-CHINA - PetroChina Co. Ltd., the listed arm of China's largest oil and gas producer China National Petroleum Corp. (CNPC), announced on Oct. 27 that its net profit attributable to equity shareholders grew by 23 percent year-on-year to RMB 100.03 billion ($14.95 billion) in the first three quarters of this year.

According to the company's fiscal report, it produced 640 million barrels of crude oil and 1.6845 trillion cubic feet of natural gas from January to September. During this period it also sold 90.92 million tons of fuel products, a sales volume increase of 24.3 percent year-on-year.

From July to September, the company's net profit increased by 12.5 percent year-on-year to RMB 34.7 billion ($5.19 billion), according the report.

Gordon Kwan, an oil analyst with Mirae Asset Securities, wrote in an email on Oct. 28 that the figures represent the company's highest quarterly net profit since the third quarter of 2008. He thought that the growth was attributable to the higher prices of oil, gas and refined products during the period.

Kwan also predicted that the company's total net profit for 2010 would reach RMB 138 billion ($20.63 billion) and would grow to RMB 152 billion ($22.72 billion) in 2011.