PetroChina reports 2012 net profit fell 13.3 percent

PetroChina on Thursday reported that its 2012 net profit fell 13.3 percent, despite increased production, as the oil giant was hit by a slowdown in the growth rate of the Chinese economy. China's largest listed oil company said its 2012 profit was 115.33 billion yuan ($18.54 billion), down from the 132.96 billion yuan it recorded in 2011. Revenue rose 9.6 percent to 2.2 trillion in 2012. PetroChina saw an increase of 4.5 percent in barrels of oil and natural gas equivalent output for 2012, compared with 2011. Its refineries experienced a rise of 2.8 percent in barrels of crude oil for the year.

JA Solar prepared to repay debt maturing in May

JA Solar Holdings Co, China's largest solar-cell maker, said it's prepared to repay debt maturing in May as the price of its bonds fell after Suntech Power Holdings Co said it won't resist a bankruptcy petition. "Our bonds don't have default risks," CEO Xie Jian said in an interview in Shanghai on Thursday. The money needed to repay about $120 million of its convertible notes maturing on May 15 has been prepared, he said.

China Unicom earnings in 4th quarter beat estimates

China Unicom (Hong Kong) Ltd, the nation's second-largest mobile phone company, posted fourth-quarter profit that beat analyst estimates as low-priced smartphones helped it boost users and contain subsidy costs. Net income rose to 1.64 billion yuan ($264 million), from 14 million yuan a year earlier, based on figures derived from 12-month earnings, the Beijing-based company reported on Thursday. Profit surpassed the 1.41 billion yuan average of eight analysts' estimates compiled by Bloomberg.

Gasoline exports surge to 11-month high

China's gasoline exports rose to the highest level in almost a year in February as the nation ramped up production of the motor fuel before the Lunar New Year holiday, when workers traveled back to their hometowns. Overseas shipments climbed 62 percent from a year earlier to 333,309 metric tons, the General Administration of Customs said on Thursday. That's the equivalent of 101,000 barrels a day, the most since March 2012. Diesel exports exceeded imports by 209,135 tons, or 56,000 barrels a day, the least in four months. China, the world's second-biggest oil consumer, boosted gasoline production by 14 percent in the first two months of the year, according to government data.

Cotton imports seen exceeding US estimates

Cotton imports by China, the biggest consumer of the fiber, will exceed a US estimate for the 12 months through July as government stockpiling to boost farmers' incomes exacerbates a shortage. Imports will be 3.8 million metric tons, according to the median of five analyst estimates compiled by Bloomberg. The US Department of Agriculture forecast 3.3 million tons in a report on March 8. Cotton in New York has jumped 18 percent this year, the most among 24 commodities tracked by the Standard & Poor's GSCI Spot Index.

Rate drops to one-month low on capital inflows

China's overnight money-market rate fell to a one-month low after data signaled that cash in the financial system is rising. Foreign direct investment climbed 6.3 percent from a year earlier to $8.21 billion in February, the Ministry of Commerce said on Tuesday. That's the first increase in nine months. The People's Bank of China sold 48 billion yuan ($7.7 billion) of 28-day repurchase agreements on Thursday that drain capital, keeping the yield at 2.75 percent, according to a trader at a primary dealer required to bid at the auctions.

Copper imports the lowest in months as exports gain

Imports of refined copper by China, the biggest user, declined in February to the lowest level in 19 months, while exports rose for a sixth month. Imports totaled 214,949 metric tons last month, the lowest since July 2011, data from the General Administration of Customs showed. Exports expanded to 38,569 tons, the highest since May, from 26,213 tons in January, data compiled by Bloomberg showed. The drop in imports, due to the Lunar New Year holiday in February, may help curb the highest inventories in at least 10 years.

Diesel imports drop 74% as LNG purchases increase

China's diesel imports fell 74 percent from a year earlier to 45,736 metric tons in February, the General Administration of Customs said on Thursday. Exports of the fuel more than tripled to 254,871 tons and overseas shipment of gasoline rose 62 percent to 333,309 tons. Liquefied natural gas imports were at 1.41 million tons, up 70.6 percent, and coal imports, including lignite, increased 13 percent to 23.3 million tons, the customs bureau said.

China Daily - Agencies

(China Daily 03/22/2013 page14)