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CNOOC's H1 profit down 19%

Aug. 22, 2012 (China Knowledge) - CNOOC Ltd<0883>, the largest offshore oil company in China, has posted RMB 31.87 billion in net profit for the first half of this year, reflecting a YoY decrease of 19%, according to a statement filed with the Hong Kong Stock Exchange.

The profit for the first half of this year was also lower than an average forecast of RMB 35.92 billion made by 6 analysts at Dow Jones Newswires.

Basic earnings per share were RMB 0.71 during the period. The company proposed an interim dividend of HK$0.15 per share.

The company's revenue decreased 5% YoY to RMB 118.27 billion during the six-month period, of which RMB 95.66 billion was from sales of oil and gas, down 1.41% from the previous year. Trading business generated RMB 21.88 billion of revenue during the period, 19.28% less than in the same period of 2011.

In the first half of this year, the state-owned oil giant's output was 160.9 million barrels of oil equivalent, down 4.6% YoY, due to the shutdown of Penglai 19-3 field.

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