29 October 2009 13:08 [Source: ICIS news]
SHANGHAI (ICIS news)--Sinopec Corp’s year-on-year net profit more than doubled in the third quarter to yuan (CNY) 16.6bn ($2.43bn) on improved refining operations, the company said on Thursday.
In accordance with International Financial Reporting Standards (IFRS), the company’s turnover, other operating revenues and other incomes amounted to CNY893.448bn for nthe first nine months, representing a decrease of 21.7% from the same period in 2008, the company said.
The exploration and production segment recorded an operating profit of CNY12.98bn for the first nine months, down 75.2% compared with the same period last year.
The refining segment recorded an operating profit of CNY21.56bn in the first three quarters, up significantly from an operating loss a year ago. Volume wise, processing of crude oil increased by 2.99% to
The marketing and distribution segment recorded an operating profit of CNY22.38bn in the first nine months, a decrease of 27.7% year on year, Sinopec said.
The company’s domestic distribution and retail volume of oil products dropped by 5.53% and 9.32% year on year to
The chemicals segment reported an operating profit of CNY14.31bn from January to September, a substantial increase from CNY0.376bn in the same period of last year.
In the chemicals segment, ethylene output dipped by 2.25% year on year to
The company’s capital expenditure for the first three quarters was CNY60.28bn.
Sinopec expected the profit for the full year to increase by over 50% year on year as the refining segment improved in line with the implementation of fuel reform, coupled with the demand upturn of chemical products.
Sinopec is an integrated energy and chemical company with upstream, midstream and downstream operations, listed in
($1 = CNY6.83)
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