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PetroChina Interim Net Profit of 53.62 Billion Yuan, Drop 34.5%

By: Angulo Fu

PetroChina Company Limited published 2008 first semi-anual report. In accordance with international accounting standards, PetroChina made net profit 53.62 billion yuan in the first half year, down 34.5 percent. And basic earnings per share of 0.29 yuan, down about 0.17 yuan. Attributable to shareholders of the company's net income was 48.355 billion yuan, 36.3 percent lower, earnings per share 0.26 yuan, down 0.16 yuan. PetroChina will distributed 0.131827 yuan per share which is 45 percent of the net profits as an interim dividend.
According to the semi-anual report, subject to the prices of the crude oil and refined oil, refining and marketing segment first half loss of 59.015 billion yuan, while still achieving profit 3.925 billion yuan in the same period last year operating . The plate is still in the main source of income. PetroChina recognized that 4.573 billion yuan subsidy from the government in the first half year.
Because of the high price of the oil, the upstream exploration and production segments are still the most important contribution to the profitability of units. However, high costs with high-yield, the company's special receipts up to 47.8 billion yuan, significantly drag the overall performance.
According to PetroChina's finnancial report, China's crude oil production of 4.35 million barrels, up 3.5 percent; production of 923 billion cubic feet of natural gas sales, an increase of 15.7 percent. Exploration and production segment continue to be the pillar of China's oil profits, and operating profit 130.23 billion yuan, up 35 percent year-on-year rise.
PetroChina issued 4.0 billion A-shares last October, the total funds raised 66.8 billion yuan, 66.243 billion yuan of funds for the net, using the fund-raising total amount of 47.159 billion yuan.
To meet the needs of production and operation, in June this year, PetroChina's board resolution to form a group or groups in the territory of the total public offering of not more than 60 billion yuan in corporate bonds, the company and shareholders have approved by the general assembly.
Originally Posted: China Business Daily Author: Angulo Fu

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