Sinopec reports 40b yuan net profit

Updated: 2011-08-29 14:42

By Hao Yan (

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China Petroleum and Chemical Corp (Sinopec Corp) has reported a net profit of 40.2 billion yuan ($6.3 billion). The figure exceeded expectations and increased 9.4 percent compared to the same period last year.

The China's largest petroleum corporation's Shanghai Stock Exchange (SSE) interim results showed that the gross profits declined 0.5 percent, down 3.3 percentage points from a year ago, the Beijing News reported Monday.

Sinopec declared a 12.2 billion yuan operating loss in its refinery business unit, which was affected by crude oil procurement costs surging by 36.4 percent in the first half of the year.

PetroChina Co Ltd, also listed on the SSE, said its performance was similarly saddled by the 23.4 billion yuan loss in the refinery business. Despite this, the company's interim results registered a net profit of 66 billion yuan.

Brent crude oil spot price hiked 43.6 percent to $111.16 in the first half of 2011. The National Development and Reform Commission raised oil products prices twice, marking an historical peak of 500 yuan a ton of petrol on April 7.