The Zhitong Finance App learned that Citibank released a research report saying that the third quarter results of CNPC (00857.HK) were in line with expectations, achieving net profit of 51.8 billion yuan, down 7% month-on-month and up 22% year-on-year; net profit for the first three quarters had reached 83% of the bank's full-year forecast. During the period, profit before interest and tax (EBIT) of the natural gas marketing segment increased 76% month-on-month, but declined 27% year over year, which may be affected by increased losses on imported natural gas and weak demand. Domestic natural gas sales increased by only 0.8% year-on-year in the third quarter. The bank maintains a “buy” rating and a target price of HK$12, and is optimistic about the company's attractive dividend returns and good short-term profit visibility.

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