CNOOC parent H1 net profit up 35%
22 July 2008
China National Offshore Oil Corp, the parent of listed offshore oil and gas producer CNOOC, said its net profit grew by 35.2% to US$2.8 billion in the first half due to higher oil prices, the South China Morning Post reported. The firm's operating profits for the first six months of the year grew by 47.2% to US$6.1 billion, with revenues rising by 48% to US$15.6 billion. A company spokesman said that the firm would likely incur losses if the government continues to control retail fuel prices below international levels and if the price of crude oil remains high. However, these losses would be partly mitigated by subsidies.