COSL full-year net rises 38.6%

China Oilfield Services Ltd (COSL), the largest offshore oilfield services provider in China, yesterday said its 2008 net profit rose 38.6 percent on strong demand in domestic and overseas markets.

The company said net profit for the full year rose to 3.1 billion yuan from 2.2 billion yuan in 2007. Sales revenue rose to 12.1 billion yuan in 2008, compared with 9 billion yuan in 2007, it said in a statement to the Hong Kong bourse yesterday.

"Though the financial crisis affected industries across the world, its impact on the oilfield industry has been minimal due to the lagging effect of the industry," said the statement.