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Last updated at: (Beijing Time) Tuesday, April 01, 2003

PetroChina 2002 Net Profit Increases 3.17 Percent

PetroChina Company Limited (PetroChina) announced Monday a net profit of 46.91 billion RMB yuan (6.02 US dollars) for 2002, up 3.17 percent from 2001.


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PetroChina 2002 Net Profit Increases 3.17 Percent
PetroChina Company Limited (PetroChina) announced Monday a net profit of 46.91 billion RMB yuan (6.02 US dollars) for 2002, up 3.17 percent from 2001.

During the period, the company's revenue reached 244.42 billion RMB yuan (31.34 billion US dollars), up 1.29 percent.

Chairman of the company Ma Fucai said the increase in the company's profitability was primarily attributed to the increase in the sales volume of crude oil, major refined products and natural gas, the rise in the price of natural gas and the increase in gross profit from sales of the refining segment and natural gas.

Net profit per share increased 0.01 RMB yuan (0.0013 US dollars) to 0.27 RMB yuan (0.0346 US dollars).

The board of directors recommends a final dividend of about 0.07 RMB yuan (0.009 US dollars) per share.

Ma said the company has always insisted on realizing contemporary management concepts that focus on increasing the value of the company, optimizing benefits and maximizing value for shareholders.

"We will strive in 2003 to push ahead with the restructuring of the refining and chemicals business, achieve improvements through optimizing resources allocation and strengthening technological innovation," Ma said

"Moreover, we will accelerate the construction of key natural gas transmission work and rapidly develop the natural gas business as the key drive of new growth," he added.


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