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PetroChina H1 income down 34.5% despite sales increase

25
Sep '08
PetroChina Company Limited announced that according to International Financial Reporting Standards (“IFRS”), the Company recorded consolidated net profit attributable to equity holders of the Company of RMB53.62 billion for the six months ended 30 June 2008, representing a decrease of 34.5% compared to the same period last year.

Earnings per share was RMB0.29, approximately RMB0.17 lower than that for the same period last year. The Board of Directors of the Company proposed to pay an interim dividend of RMB0.131827 per share, based on 45% of the interim net profit attributable to equity holders of the Company for six months ended 30 June 2008.

Mr. Zhou Jiping, Vice Chairman and President of PetroChina, indicated that since the beginning of this year, in the face of macro-environment changes both at home and abroad, PetroChina has firmly adhered to the policy of placing development as its top priority.

The Company will continue to implement the three main strategies in the areas of resources, marketing and internationalisation of operations.

PetroChina overcame the difficult operating environment amidst natural disasters of icy snow in parts of China as well as a severe earthquake in Sichuan province and ensured stability with its production and operating activities.

The Company's financial performance was adversely affected by factors including the increase of special levy on domestic oil production, refined products prices below the international level and the hike in raw materials cost.

However, the Company has been able to maintain a healthy and stable development in production and operations with stringent management initiatives, structural optimization, technical innovation and improved efficiency.

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PetroChina Company Limited


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