Sinopec half-year profit rises 41 percent to $4 billion

28 Aug 2017   China

China Petroleum and Chemical Corp, known as Sinopec, reported its best six-month profit since the second half of 2014 on Sunday, the latest Chinese state oil major to report a surge in results due to a big recovery in crude prices from last year. The country’s largest refiner reported a first-half net profit attributable to equity shareholders of 27.1 billion yuan ($4.08 billion), up 40.7 percent on a year prior, based on Chinese accounting standards. Revenue for the period rose 32.6 percent to 1.166 trillion yuan. Profit rose 40.1 percent to 27.92 billion yuan during the period based on international accounting standards. The company attributed the strong performance to higher prices and sales of downstream products compared to the year-earlier period. The data […]

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