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PetroChina says 1H profit up 29 percent
Profit for January-June was 65.3 billion yuan ($9.6 billion), up from 50.5 billion yuan a year earlier, the Beijing-based oil company reported. PetroChina, with shares traded in New York, Hong Kong and Shanghai, is the world’s most valuable company by market capitalization after Exxon Mobil Corp.
The company’s profitability has rebounded from 2009, when its net profit fell 9.7 percent due to sluggish demand and controls on prices for its processed products.
In the first half of this year, revenues rose 65 percent to 684.8 billion yuan ($100.6 billion), up from 415.3 billion yuan a year earlier. But the higher prices for crude oil used in its refining operations bit into its margins, with profit falling 68.3 percent from the 17.2 billion yuan earned in the same period in 2009 to 5.5 billion yuan ($808.3 million) in January-June.
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