Mainland firms' first-quarter profits rise

PetroChina (0857) posted first-quarter net profit of 10.

Kevin Xu and Tereza Cai

Tuesday, April 30, 2019

PetroChina (0857) posted first-quarter net profit of 10.26 billion yuan (HK$11.95 billion), or 5.6 fen per share, up 1 percent year-on-year.

The state's energy giant announced its revenues rose 8.9 percent to 591.04 billion yuan in the quarter, as international oil prices fluctuated upwards.

Meanwhile, China Eastern Airlines (0670) posted first-quarter net profit rising 4.1 percent to 2.65 billion yuan.

China Telecom's (0728) net profit for the first quarter climbed 4.5 percent year-on-year to 5.96 billion yuan, despite revenues falling 0.5 percent from a year ago to 94.14 billion yuan, dragged by a 49 percent plunge in the product sales.

Its share price slipped 0.73 percent yesterday to HK$4.08.

(0763) announced a first-quarter net profit of 86 million yuan, rebounding from a 5.41 billion net loss for the same period last year.

It revealed that revenues slumped 19.3 percent to 22.2 billion yuan, but the company expects to see interim net profit this year ranging from 1.2 billion yuan to 1.8 billion yuan.

China Communications Construction (1800) said its net profit in the first quarter rose 14.45 percent from a year ago to 3.93 billion yuan.

China Railway Construction Corporation (1186) announced its first-quarter net profit climbed 13.56 percent year-on-year to 3.89 billion yuan.