PARAGON Holdings and China National Petroleum Corporation jointly announced that Paragon recorded a net profit of $7.52 million in the six months to June 30, 1993.

It represents a significant improvement on the result at the corresponding period last year which recorded a loss of $23.26 million.

China National Petroleum Corporation recently announced the group would buy a 43.17 per cent stake in Paragon and extend a general offer for the remaining shares.