PetroChina's Q4 net profit surges 81%
By Richard Fu |
March 18, 2011, Friday
|
Print Edition
Print Edition
PETROCHINA Co posted an 81-percent jump in fourth quarter net profit, beating analysts' forecasts, on the back of higher oil prices and strong economic growth.
China's biggest oil producer earned 39.9 billion yuan (US$6.1 billion) in the final quarter of 2010, according to calculations based on annual results released yesterday.
The figure surpassed a forecast of 33.3 billion yuan from 22 analysts polled by Thomson Reuters.
The company's full-year net profit soared 35 percent to 140 billion yuan, or 0.76 yuan a share.
But profit from the downstream refining and chemical sector dived 55 percent to 7.8 billion yuan in 2010 as the rise in crude prices was not fully reflected in refined oil rates although the government raised fuel prices three times last year. It processed 903.9 million barrels of crude last year, up 9.1 percent from 2009.
But analysts were upbeat over the prospects for Chinese oil firms after China temporarily halted approval for new nuclear projects on Wednesday amid concerns triggered by Japan's nuclear crisis.
"With China delaying nuclear power project approval pending safety reviews, the government will likely also reduce the oil companies' windfall profit taxes while raising natural gas prices to encourage speedy development of domestic oil/gas exploration and development," Gordon Kwan, head of energy research at Mirae Asset Securities, said.
China's biggest oil producer earned 39.9 billion yuan (US$6.1 billion) in the final quarter of 2010, according to calculations based on annual results released yesterday.
The figure surpassed a forecast of 33.3 billion yuan from 22 analysts polled by Thomson Reuters.
The company's full-year net profit soared 35 percent to 140 billion yuan, or 0.76 yuan a share.
But profit from the downstream refining and chemical sector dived 55 percent to 7.8 billion yuan in 2010 as the rise in crude prices was not fully reflected in refined oil rates although the government raised fuel prices three times last year. It processed 903.9 million barrels of crude last year, up 9.1 percent from 2009.
But analysts were upbeat over the prospects for Chinese oil firms after China temporarily halted approval for new nuclear projects on Wednesday amid concerns triggered by Japan's nuclear crisis.
"With China delaying nuclear power project approval pending safety reviews, the government will likely also reduce the oil companies' windfall profit taxes while raising natural gas prices to encourage speedy development of domestic oil/gas exploration and development," Gordon Kwan, head of energy research at Mirae Asset Securities, said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
