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ChinaScope is the financial data and analytics platform for global financial professionals seeking critical quantitative and qualitative information on China. Our platform covers raw and processed data and information on companies, industries and the macro economy. We help our clients gather and... More
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  • PetroChina’s Net Profit Up 5.8%, Sinopec’s Down 35.04% In Q1 0 comments
    May 1, 2012 11:13 PM | about stocks: PCCYF, SHI

    Source: Petrochina, Sinopec, Sinopec, ChinaScope Financial (Data)

    + According to PetroChina, its operating revenue was CNY 525.65 billion, up 17.86% YoY and net profit was CNY 39.15 billion, up 5.8% YoY in Q1. The growth is mainly due to exploration and production, which generated operating profits of CNY 60.38 billion, up 31.6% YoY.

    + Meanwhile, Sinopec's first-quarter operating revenue was CNY 398.31 billion, up 11.35% YoY, while net profit was only CNY 13.41 billion, down 35.04% YoY. Exploration and mining generated operating income of CNY 19.55 billion, up 48.75% YoY, while refining losses amounted to CNY 9.17 billion.

    + The difference in the two companies Q1 performance is mainly due to their different reliance on crude oil imports. Sinopec imports 80% of its crude oil, compared to 30% for PetroChina, the former being more vulnerable to international oil price fluctuations.

    Revenue growth of both companies decreased in 2012Q1, resulting in a net profit attributed to share holders growth of 5.81% for PetroChina and a negative 37.42% for CPCC.(click to enlarge)

    Margin ratios for PetroChina have rebounded, while those of CPCC remain weak.

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