China's Sinopec Q1 profit rises 24%; refining ops swing to profit

26 April 2013 03:46  [Source: ICIS news]

SINGAPORE (ICIS)--Sinopec posted a net profit of yuan (CNY) 16.7bn ($2.7bn) in the first quarter, up by 24.4% from the same period in 2012, backed by earnings generated by its refining operations, China’s biggest refiner announced on Friday.

Revenue in the three months to March 2013 grew 3.6% year on year to CNY695.6bn, while operating profit was up by 26.4% to CNY27.6bn, it said in a statement.

The company’s refining segment generated CNY2.2bn in profit in the March quarter, reversing the CNY9.2bn losses incurred in the same period of last year.

In the chemical segment, however, operating profit plunged 87.5% to CNY164m, weighed by weak demand and declining product prices, according to the company.

Sinopec produced 0.5% less ethylene in January-March 2013 at 2.4m tonnes compared with the same period last year.

($1 = CNY6.17)

By: Fanny Zhang
+65 6780 4359

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