PetroChina net up 4pc to 85.3b yuan

PetroChina (0857) saw its interim net profit grow by 4.5 percent year-on-year to 85.3 billion yuan (HK$91.8 billion) and declared a dividend of 21 fen per share for the first half.

It was the only oil giant among China's big three - which include China Petroleum and Chemical or Sinopec (0386) and China National Offshore Oil Corporation or CNOOC (0883) - to see growth amidst a fall in international oil prices.

Revenue for the first half fell by 8.3 percent to 1.48 trillion yuan due to a decline in prices of most of the group's oil and gas products though volumes increased.

Moreover, oil, gas and new energy's revenue for the first half was 425 billion yuan, representing a decrease of 5 percent.

The revenue of the refining, chemicals and new materials also decreased by 1.5 percent to 575 billion yuan while natural gas sales saw a 9.3 percent rise to 276 billion yuan.

Sales of crude oil was 74 million tons and that of gasoline 33 million tons, up 8 percent and 12 percent respectively. Volume of natural gas remained at 1.3 million cubic meters.

The group said that the international crude oil market in general maintained an overall balance, but there are still downside risks in oil prices.