Changes in Hong Kong stocks | CNOOC Petrochemical (03983)'s performance fell more than 9%, net profit in the first half of the year fell by more than 20% year-on-year, and profit pressure is difficult to ease in the short term

The Zhitong Finance App learned that CNOOC Petrochemical (03983) fell more than 9% after the results. As of press release, it had a decrease of 8.56% to HK$1.975, with a turnover of HK$22.7736 million.

According to the news, CNOOC Petrochemical announced interim results, with revenue of 5.619 billion yuan for the first half of the year, a decrease of 3.95% over the previous year. The main reason was the fluctuation in the phosphorus compound fertilizer and acrylonitrile market, which had a year-on-year decline in sales, but methanol revenue bucked the trend and increased by 10.4%. Profit attributable to company owners was 507 million yuan, a year-on-year decrease of 20.78%. The current restrictions on chemical fertilizer exports are compounded by the low season for domestic agricultural fertilizer, making profit pressure difficult to ease in the short term.