China's oil giant CNPC reports strong profit growth in Q1

BEIJING -- China National Petroleum Corporation (CNPC), the country's largest oil and gas producer and supplier, reported a 40.9-percent surge in net profit in the first quarter of the year.

Net profit attributable to the parent company exceeded 39 billion yuan (about $5.89 billion) from January to March, the company said in a statement filed with the Shanghai Stock Exchange.

The company's business revenue rose 41.21 percent to about 779.4 billion yuan in the reporting period, it said.

The company attributed its net profit growth to the rise in the prices of oil and gas products, as well as the increase in sales volumes.