PetroChina's net profit soars to 37 billion yuan in Q1

PetroChina's net profit attributable to shareholders totaled about 37 billion yuan in the first quarter based on Chinese Accounting Standards, up 14 percent from a year earlier, with earnings per share of 0.2 yuan, according to the oil and gas company's first-quarter financial performance report. The net profit figure will be slightly different if the International Financial Reporting Standards are adopted.
The 37 billion yuan of net profit in the first quarter is equivalent to an average net profit of 410 million yuan per day. As a blue-chip stock, PetroChina's strong financial performance in the first quarter may inject vitality into the somewhat sluggish domestic stock market, and help investors make clear decisions.
According to the report, earnings of PetroChina's exploration and production business reached nearly 45.9 billion yuan in the first quarter, up nearly 39 percent from last year. Meanwhile, its oil refining business incurred losses of over 6.1 billion yuan due to rising crude oil prices, and the earnings of its chemical business amounted to over 2.4 billion yuan, so overall its oil refining and chemical business incurred losses of nearly 3.7 billion yuan.
The report also shows that the CNPC sold a total of 31.6 million tons of petrol, diesel oil and kerosene in the first quarter of 2011, an increase of nearly 17 percent compared with the same period of 2010, and realized nearly 7.7 billion yuan in profits, an increase of more than 155 percent. Experts pointed out that this is mainly due to the gradual expansion of the spring market quotation and the increase in petroleum product prices.
Petroleum product analysts from www.315.com.cn pointed out petroleum products will see a peak period along with the arrival of the second quarter. In particular, as the international oil prices are rapidly increasing, the price adjustment is expected to lead to the magnified consumption. The superposition of various factors will make the market supply of petroleum products face a relatively great challenge.
The CNPC recently said that the petroleum product sales of fuel sale units under the CNPC will reach an increase of 13 percent in the second quarter of 2011 compared with the same period of 2010.
By People's Daily Online
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