Chinoiseries

CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore oil producer, said its 1H net profit jumped 51.4% year on year to ¥39.34 billion, fuelled by higher international oil prices and successful cost control. It also said it plans to cut this year's output of oil equivalent by 6.5% to 6.7% to between 341 million and 365 million barrels in the wake of the crude oil spills in Dalian, Liaoning province.
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) posted ¥101.39 billion in revenues and ¥2.64 billion in net profits for 1H 2011, up 22.9% and down 5.5% respectively from the same period a year ago. A 19.9% increase in sales costs that amounted to ¥13.6 billion over the period was blamed for the decline in net profit.