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China Oilfield Services' 2011 net profit down 2.2%

Mar. 21, 2012 (China Knowledge) - China Oilfield Services Ltd<601808><2883>, the leading integrated services provider to offshore fields in the country, said yesterday that its net profit fell 2.2% year on year to RMB 4.04 billion last year.

Basic earnings per share were RMB 0.90 last year. The company proposed a final dividend of RMB 1.8 per ten shares, according to its annual report.

China Oilfield Services realized RMB 18.91 billion in operating revenue in 2011, 4.7% more than in the previous year.

Revenue from drilling segment climbed 1.6% year on year to RMB 9.7 billion in the period, and that from well services segment declined 8.7% to RMB 4.08 billion. The marine support and transportation services segment generated RMB 2.61 billion in revenue, up 7.7% year on year and the geophysical segment experienced a 55% surge in revenue, which hit RMB 2.51 billion in the year.

Gross profit margin fell 3.3 percentage points to 31.8% in 2011, due to higher operating costs.

The company expected that offshore explorations and development would remain active this year.

The firm plans to expand its business in non-conventional energy sector, including coal-bed gas services.

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