Sinopec sees Q1 profit up 150% on costlier crude

HONG KONG - China Petroleum & Chemical Corp forecast that net profit for the first quarter of the year was expected to more than double on higher crude prices and stable demand, bolstering plans by the world's biggest oil refiner to raise capital expenditure for the first time in four years.

Q1 net earnings will jump about 150 percent from the same period a year ago, the State-owned company known as Sinopec estimated in a statement on Sunday to the Hong Kong stock exchange. That compares with net profit of 6.19 billion yuan ($900.0 million) for the first three months of 2016.

The company on Sunday also reported that net income for the full year of 2016 leaped 44 percent to 46.7 billion yuan, the first annual profit rise in three years, on the back of improved refining margins and a one-time gain from pipeline asset sales.