China’s Sinopec H1 net profits rise 23.6% to CNY30bn

26 August 2013 03:47  [Source: ICIS news]

SINGAPORE (ICIS)--Sinopec posted a net profit of yuan (CNY) 30.3bn (4.95bn) in the first half of the year, up by 23.6% from the same period in 2012, the biggest refiner in China said on Monday.

The significant profit growth is mainly attributed to better refining operations, it said.

Its refining segment posted an operating profit of CNY213m, reversing a loss of CNY18.5bn in the first half of 2012.

Turnover in the first six months increased by 5.2% year on year to CNY1,395.9bn, while operating profits were CNY46.7bn, gaining by 16.6% year on year.

Its oil and gas production in the first six months totalled 219.5m barrels of oil equivalent, an increase of 3.8% year on year.

In the first half of the year, Sinopec processed 115m tonnes of crude oil, 5.2% more than one year ago. Productions of gasoline, diesel and kerosene in combination rose by 5.8% year on year to 69.8m tonnes in the six-month period.

Sales of oil products grew by 6.5% year on year to 88.1m tonnes in the January-June period.

In its chemical segment, it produced 4.9m tonnes of ethylene in the first half of the year, a slight 0.6% increase year on year. Chemical sales reached 28.1m tonnes, a growth of 7.3% year on year.

Sinopec targets to produce 5.1m tonnes of ethylene in the second half of the year.

($1 = CNY6.12)

By: Fanny Zhang
+65 6780 4359

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