BEIJING (AFX-ASIA) – Jinzhou Petrochemical Co Ltd (SZA 000763), a subsidiary of PetroChina Co Ltd (HK 0857; NYSE PTR), said its net profit for the first quarter of 2004 surged to 55.96 million yuan compared with 19.69 million yuan a year earlier on higher oil prices. (US$1=8.27 yuan).

Sales revenue grew to 2.95 billion yuan from 2.77 billion yuan, boosted by higher global gasoline and diesel prices, the company said.

The average global price for a ton of gasoline rose by 296.46 yuan since the first quarter of 2003, while diesel prices rose by 135.59 yuan per ton, it said.

Streamlining production processes contributed 16.45 million yuan to profits.

Production of oil products was 1.47 million tons, up 181,700 tons from the same period last year.

First quarter earnings per share was 0.071 yuan compared with 0.025 a year earlier. Return on net assets was 3.47% against 1.26% a year earlier.

No outlook was provided in the report.