Kunlun Energy First Half Income Rises Slightly

By Gaurav Raghuvanshi Features Dow Jones Newswires

Kunlun Energy Co. Ltd. (0135.HK) Wednesday said its net profit in the first half of this year rose 0.4%, compared with the same period the year before, as revenue increased.

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Net profit in the January-to-June period was 2.42 billion Chinese yuan (US$361.8 million), compared with CNY2.41 billion in the same period of last year, Kunlun said in a regulatory filing with the Hong Kong Exchange.

Revenue rose 19% on year to CNY40.08 billion, the oil and gas production and distribution firm said.

Kunlun said while international oil prices are expected to remain volatile through the rest of the year, they will stabilize and rebound in coming years. Demand for natural gas will keep rising in China as the economy maintains a smooth pace of growth, it added.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

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August 22, 2017 20:17 ET (00:17 GMT)