China National Petroleum Corp (CNPC) posted a 0.5 per cent rise in net profit to 53.3 billion yuan (about HK$50.04 billion) last year, as a lower realised oil price was offset by cost savings. CNPC, parent of China's No 1 oil producer PetroChina, recorded 349.8 billion yuan turnover, up 1.83 per cent from 343.5 billion yuan in 2001, the official China Daily reported. CNPC was Asia's most profitable company in 2001. Although PetroChina's oil production volume accounted for 88.78 per cent of unlisted CNPC's total oil output last year, analysts said the parent's results could not be used to accurately predict the H share's profit. They said CNPC's results were based on mainland accounting standards, while PetroChina's figures complied with international accounting standards. Chairman Ma Fucai was quoted as saying CNPC's realised oil price last year was US$1.23 a barrel lower than in 2001, adding for every US$1 fall in price, the company's profit are cut by five billion yuan. CNPC domestic oil production last year was 117.6 million tonnes, up 10.4 per cent from 2001's 106.5 million tonnes, while natural gas output rose 13.1 per cent to 23.3 billion cubic metres. Today, PetroChina is due to announce last year's operating results, with its realised oil and gas prices set to attract the most attention. A company-sponsored newsletter this week said its oil production rose 1 per cent year on year to 104.4 million tonnes, with gas output up 9.8 per cent year on year to 22.45 billion cubic metres. It is expected to post a net 45.37 billion yuan profit, according to a consensus of 23 analysts polled by Thomson First Call.