Sinopec H1 net profit dips 77% on record crude

25 August 2008 02:48  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese oil and gas major Sinopec late on Sunday reported reported a 77% year-on-year dip in net profit for its first half ended 30 June, to Yuan (CNY) 8.3bn ($1.21bn) from CNY 36.4bn.

The significant decrease in earnings was attributed to soaring crude values, the government’s tight rein on prices of domestic oil products and the spikes in prices of chemical prices.

The company’s operating profit fell 87%, in tandem with net earnings, to CNY 7.2bn from CNY 53.6bn year-on-year.

Total revenue, however, rose 36% to settle at CNY 768.2bn.

($1 = CNY 6.84)

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By: Bohan Loh
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