China's Sinopec H1 profits rise 11.9% on demand growth

29 August 2011 03:39  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s biggest refiner, Sinopec, has posted a first-half 2011 net profit of CNY41.2bn ($6.4bn), an increase of 11.9% year on year as a result of stable growth in demand for its products, the company announced on Monday.

Its turnover increased 31.5% year on year to CNY1,233bn while its operating profit gained 5.7% to CNY58.4bn in the six-month period, according to its financial statement.

Its operating profit for the exploration and production segment rose 25.9% year on year to CNY34.7bn, while that of its chemical segment nearly doubled to CNY16.3bn.

Operating profit from its marketing and distribution segment jumped by 35.6% from the previous year to CNY19.6bn in the first half of 2011.

However, its refining segment posted a CNY12.2bn loss in the first six months of 2011, reversing a CNY5.7bn profit in the same period of 2010.

The company produced 156m barrels of crude, down by 5.4% year on year, while its natural gas output increased by 26.6% year on year to 254 billion cubic feet (bcf) for the first half of 2011.

Sinopec processed 109m tonnes of crude and produced 63m tonnes of oil products in the first half of 2011, up by 5.0% and 4.8% respectively. Its domestic sales of oil products increased by 10.2% year on year to 75m tonnes in the period.

Its ethylene output increased by 19.3% year on year to 5m tonnes in the six-month period.

For the second half of 2011, Sinopec plans to produce 165m barrels of crude and 247.2bcf of natural gas. It also plans to process 114m tonnes of crude and sell 74.9m tonnes of gasoline, diesel and kerosene.

Meanwhile, it targets to produce 4.8m tonnes of ethylene in the second half year.

($1 = CNY6.39)

For more on Sinopec, visit ICIS company intelligence

By: Fanny Zhang
+65 6780 4359

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