CNPC net profit soars in first half

China Daily (Hong Kong) - - BUSINESS -

China Na­tional Petroleum Corp, China’s largest oil pro­ducer and sup­plier, said its net profit is 16 times higher than ex­pected dur­ing the first half of 2017, reach­ing nine bil­lion ($1.33 bil­lion) to 11 bil­lion yuan. Ac­cord­ing to an earn­ings pre­an­nounce­ment re­leased by the com­pany on Wed­nes­day, net profit dur­ing the first six months of this year rose 1,600 per­cent to 1,986 per­cent com­pared with the same pe­riod last year, which was 528 mil­lion yuan. The com­pany con­trib­uted the dras­tic boost to a mod­er­ate re­cov­ery of world econ­omy and the in­creased in­ter­na­tional oil price. The com­pany’s op­ti­miza­tions of man­u­fac­tur­ing op­er­a­tion and ex­pen­di­ture re­duc­tion dur­ing the first six months also helped, it said. main­land. The high-end unit of Wal­mart has planned to in­vest 1 bil­lion yuan ($148 mil­lion) in the next 18 months to de­velop mer­chan­dises that help mem­bers to save spend­ing. Sam’s club has 16 stores in 13 cities in China, with 1.8 mil­lion mem­bers. The new stores will mostly be lo­cated in first and sec­ondtier cities. with no hol­i­day pe­riod in the prior year com­par­a­tive. Easter fell in April this year, but it was in March last year. The air­line said it still ex­pects full-year profit to fall be­tween 1.4 bil­lion eu­ros and 1.45 bil­lion eu­ros. Ryanair said it re­mains con­cerned at the un­cer­tainty which sur­rounds the terms of the UK’s de­par­ture from the Euro­pean Union in March 2019. quar­ter a year ago be­cause of the $3.5 bil­lion ter­mi­na­tion penalty from its failed takeover of Hous­ton ri­val Baker Hughes. In the news re­lease pub­lished on Mon­day, Pres­i­dent and CEO Jeff Miller said that to­tal com­pany rev­enue this quar­ter was $5 bil­lion, rep­re­sent­ing a 16 per­cent in­crease com­pared to the first quar­ter of this year, while to­tal ad­justed op­er­at­ing in­come was $408 mil­lion. He stressed these re­sults were pri­mar­ily driven by con­tin­ued strength­en­ing of mar­ket con­di­tions in North Amer­ica, which were par­tially off­set by pric­ing pres­sure in­ter­na­tion­ally. to April, and by 7.6 per­cent on an an­nual ba­sis. The av­er­age turnover of the last three months com­pared to the pre­vi­ous quar­ter also in­creased by 0.9 per­cent, said ISTAT. Met­al­lurgy, pro­duc­tion of com­puter, elec­tron­ics and op­ti­cal goods, and ve­hi­cle pro­duc­tion were sec­tors show­ing the high­est an­nual growth in May, in­creas­ing by 14.1 per­cent, 12.1 per­cent, and 10.9 per­cent re­spec­tively, it said. In­dus­trial or­ders in May reg­is­tered a sig­nif­i­cant in­crease as well. The sea­son­ally-ad­justed new or­ders in­dex rose by 4.3 per­cent com­pared to April. On an an­nual ba­sis, new or­ders in­creased by 13.7 per­cent, ac­cord­ing to ISTAT.

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