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在线翻译:
szdaily -> Markets
PetroChina investors to get full profit payout
    2017-August-28  08:53    Shenzhen Daily

PETROCHINA Co., the nation’s biggest oil producer, said Friday a pick-up in oil prices helped net profit skyrocket more than 2,000 percent in the first half and it was giving the entire windfall to shareholders via a cash dividend.

Net profit from January to June hit 12.67 billion yuan (US$1.9 billion), rebounding from just 531 million yuan in the same period last year, the firm said.

That marks a rise of 2,290 percent over the year-earlier period, which was the company’s lowest half-year earnings figure since it first went public in 2000, blamed largely on weak international crude oil prices at the time.

“Supply and demand in the global oil market were progressively moving toward a state of balance,” PetroChina said.

“The international oil prices fluctuated significantly with the price increasing substantially as compared with the same period of last year.”

Prices have since firmed up but remain half of what they were before a 2014 plunge fueled by a supply glut, overproduction and a weak global economy.

PetroChina said an amount equivalent to the first-half profit would be given to shareholders “in overall consideration of the good fundamentals of development, financial conditions and cash flow, [and] to improve returns for the shareholders.”

The move follows similar recent payouts by State-owned enterprises such as China Mobile, seen by analysts as a way to lure investors and possibly shift some cash back to State coffers at a time when the government is seeking to stop capital flight.

PetroChina is 86 percent owned by its unlisted and government-controlled parent, China National Petroleum Corp.

But the firm said uncertainty in crude prices in the second half of this year and a general slowing trend in the Chinese economy still posed a threat to the full-year performance.

(SD-Agencies)

 

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