China Sinopec's third-quarter net profit up slightly to CNY19.7bn

27 October 2011 17:10  [Source: ICIS news]

LONDON (ICIS)--Sinopec’s third-quarter net profit increased slightly year on year to yuan (CNY) 19.7bn ($3.1bn) from CNY19.6bn, the Chinese petrochemical major said on Thursday.

For the first nine months of 2011, the company’s net profit rose by 6.3% year on year to CNY60.0bn.

Sinopec’s production of ethylene increased by 11.3% year on year in the first three quarters to 7.4m tonnes.

Production of synthetic resin was also up year on year, by 5.6% to 10.1m tonnes, Sinopec said in a statement.

“In the first three quarters of 2011, the Chinese economy continued to grow rapidly, domestic demand for refined oil and chemical products grew steadily,” the company said.

The earnings statement was released on the Hong Kong Stock Exchange.

($1 = CNY6.36)

By: Graeme Paterson
+44 20 8652 3214

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