Demand fuels Sinopec's Q1 net income
By Zhang Fengming |
April 30, 2010, Friday
|
Print Edition
Print Edition
CHINA Petroleum and Chemical Corp posted a 40 percent increase in net profit in the first quarter as demand for chemicals and oil boosted sales.
The top Asian oil refiner's net income rose to 15.79 billion yuan (US$2.3 billion), or 0.179 yuan a share, from 11.28 billion yuan, or 0.129 yuan, in the first quarter from a year ago, the company, better known as Sinopec, said in a statement to the Shanghai Stock Exchange yesterday.
The Beijing-based company, whose main business is refining and fuel distribution, processed 20 percent more crude into oil products during the first three months of the year after the government raised fuel prices five times in 2009.
Sinopec's fuel sales rose 24 percent in the January-March period to 32.8 million tons.
China's economy grew 11.9 percent in the first quarter, triggering bigger demand for oil and chemical products.
The company's ethylene production surged 36 percent to 2.03 million tons in the first quarter. The chemical is mainly used to make plastics and chemicals.
Sinopec's operating income almost doubled to 438.2 billion yuan in the quarter on higher product prices.
Meanwhile, Sinopec is reported to carry out China's biggest exchange-listed corporate debt issue when it sells up to 20 billion yuan in bonds in Shanghai in May.
The firm aims to pay back bank loans with part of the cash raised on the Shanghai bourse, a Wall Street Journal report said, citing people familiar with the plans.
The main underwriters of the deal are China International Capital Corp, Goldman Sachs Gaohua Securities and UBS Securities.
Sinopec spokesman Huang Wensheng was unavailable to comment yesterday.
The top Asian oil refiner's net income rose to 15.79 billion yuan (US$2.3 billion), or 0.179 yuan a share, from 11.28 billion yuan, or 0.129 yuan, in the first quarter from a year ago, the company, better known as Sinopec, said in a statement to the Shanghai Stock Exchange yesterday.
The Beijing-based company, whose main business is refining and fuel distribution, processed 20 percent more crude into oil products during the first three months of the year after the government raised fuel prices five times in 2009.
Sinopec's fuel sales rose 24 percent in the January-March period to 32.8 million tons.
China's economy grew 11.9 percent in the first quarter, triggering bigger demand for oil and chemical products.
The company's ethylene production surged 36 percent to 2.03 million tons in the first quarter. The chemical is mainly used to make plastics and chemicals.
Sinopec's operating income almost doubled to 438.2 billion yuan in the quarter on higher product prices.
Meanwhile, Sinopec is reported to carry out China's biggest exchange-listed corporate debt issue when it sells up to 20 billion yuan in bonds in Shanghai in May.
The firm aims to pay back bank loans with part of the cash raised on the Shanghai bourse, a Wall Street Journal report said, citing people familiar with the plans.
The main underwriters of the deal are China International Capital Corp, Goldman Sachs Gaohua Securities and UBS Securities.
Sinopec spokesman Huang Wensheng was unavailable to comment yesterday.
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