Sinopec says H1 net profits up 12%

Updated: 2011-08-29 10:49


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BEIJING - China Petroleum and Chemical Corporation (Sinopec), the country's largest oil refiner, said on Sunday its net profits for the first half of the year rose 11.9 percent year-on-year to 41.17 billion yuan ($6.43 billion).

The figures were calculated according to the international financial reporting standards, the company said.

Sinopec's first-half turnover grew 31.7 percent year-on-year to 1.22 trillion yuan, boosted by rising prices of crude, refined oil and chemical products, it said.

The company's crude output decreased 5.4 percent in the first half to 156.32 million barrels as maintenance activity affected overseas production. However, domestic crude output was up 0.7 percent to 150.22 million barrels during the period.

Natural gas production surged 26.6 percent to 253.88 billion cubic feet from January to June, it said.

The company's board of directors approved an interim dividend of 0.1 yuan for 2011, up from 0.08 yuan one year earlier.
Sinopec sees increasing uncertainties in the outlook of global economic recovery in the second half of the year, while at home, it expects China's economic growth to moderate as the government continued its fight against inflation.

The company said the international crude prices will fluctuate in the second half, but it estimated domestic demand for refined oil and chemical products will remain strong.

It planned to produce 165 million barrels of crude oil in the second half and 242.7 billion cubic feet of natural gas.