CNOOC Reports Significant Increase in 2006 Profits

摘要

China National Offshore Oil Corporation (CNOOC), the country's No. 3 oil producer, recently announced pretax profits jumped 24 percent to 48.1 billion yuan (US$6.2 billion) in 2006. The offshore oil giant reported 60.1 percent increase in pretax profits, totaling 38.8 billion yuan (US$5 billion) in 2005. Analysts said the dropped oil prices in the second half of last year had greatly affected the company's profit growth. Its sales revenue surged 36 percent year-on-year to 120.8 billion yuan (US$15.6 billion), according to a statement recently released by the company. The statement said the company's total assets climbed 29 percent year-on-year to 247.4 billion yuan (US$31.9 billion) last year.