PetroChina expects strong H1 profit growth

Updated 2017-07-27 09:54:35 Xinhua

Chinese oil giant PetroChina expects its net profit to surge in the first half of the year due to rising oil prices.

Net profit for shareholders of the company is expected to be 9 billion to 11 billion yuan (1.33 billion to 1.63 billion U.S. dollars) in H1, according to a company statement released Wednesday.

The company raked in just 528 million yuan in net profit in H1 of 2016.

PetroChina attributed the surging profit to rising oil prices, cost reduction and efficiency improvement.

The Shanghai-listed company rose 1.49 percent on Wednesday to reach 8.19 yuan per share.

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