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PetroChina posts 6% decline in profit for H1

Aug. 24, 2012 (China Knowledge) - PetroChina Co Ltd<601857><0857>, China's largest oil producer, announced yesterday that its net profit fell 6% YoY to RMB 62.03 billion in the first half of this year, due to continued loss in the oil-refining sector and weak demand for oil and petrochemical products.

The company's turnover rose 10% YoY to RMB 1.05 trillion in the first six months.

Operating profit from the exploration and production segment, the main source of the firm's profit, grew to RMB 113.79 billion during the period from RMB 103.68 billion in H1 of 2011.

The oil-refining segment suffered a narrowed operating loss of RMB 23.31 billion in H1.

The company's crude oil output climbed 1.5% YoY to 4.52 million barrels in the period, and its production of natural gas rose 9% to 1,292.4 billion cubic feet.

The Chinese oil giant proposed an interim dividend of RMB 0.15 per share, down from RMB 0.16 for the same period of last year.

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