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24

Petrochina Profits Rose 63%

The PetroChina Company Ltd announced here Wednesday that it recorded a net profit of $7.59 billion

The PetroChina Company Ltd announced here Wednesday that it recorded a net profit of $7.59 billion for the first six months ended June 30, 2005, an increase of 36.1 percent from the same period of last year.

Earnings per share reached 0.35 renminbi, which was approximately 0.09 renminbi higher than that for the same period of 2004.

The Board of Directors of the Company proposed to allocate 45 percent of the half year net profits for paying interim dividend for 2005, equivalent to approximately 0.157719 renminbi per share.

By leveraging the continued high crude oil prices and the steadily rapid growth of the domestic economy, the company achieved improved operational results and a notable increase in earnings during the first half of 2005.

"We have seen sound performance in our major business segments during the first half of 2005. Our oil and gas exploration achieved significant breakthroughs in both the eastern and western China regions thanks to the great efforts we have made, while oil and gas production also saw increases," said PetroChina President Jiang Jiemin.