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Sinopec posts 2% profit rise despite refining losses
By Richard Fu |
March 26, 2012, Monday
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Online Edition
Online Edition
SINOPEC Corp, Asia's largest oil refiner, posted a 2 percent increase in net profit last year as refining losses offset upstream gains.
Net income grew to 73.2 billion yuan (US$11.6 billion) from 2010's 71.8 billion yuan, based on international accounting standards, Sinopec, as China Petroleum and Chemical Corp is known, reported late yesterday. That missed a 74.4 billion yuan mean estimate of 18 analysts polled by Bloomberg.
Revenue rose 31.4 percent to 2.51 trillion yuan last year amid higher contributions from the upstream exploration and production segment.
"While refining and petrochemical segment results were anticipated to be weak, it was the surprising decline in E&P operating income which led to the miss," said Neil Beveridge, an analyst at Sanford C. Bernstein & Co.
Sinopec's refining segment reported an operating loss of 35.78 billion yuan in 2011, reversing profit of 15.85 billion yuan a year earlier, as the government's control on fuel prices, a way to contain inflation, prevented it from passing on higher crude oil costs freely to customers.
"We estimate that in 2012, the price of international crude oil will generally fluctuate in a high range due to the tight geopolitical situation and other factors," Sinopec said.
Sinopec shares were flat at 7.43 yuan at 2:30pm in Shanghai trading.
Net income grew to 73.2 billion yuan (US$11.6 billion) from 2010's 71.8 billion yuan, based on international accounting standards, Sinopec, as China Petroleum and Chemical Corp is known, reported late yesterday. That missed a 74.4 billion yuan mean estimate of 18 analysts polled by Bloomberg.
Revenue rose 31.4 percent to 2.51 trillion yuan last year amid higher contributions from the upstream exploration and production segment.
"While refining and petrochemical segment results were anticipated to be weak, it was the surprising decline in E&P operating income which led to the miss," said Neil Beveridge, an analyst at Sanford C. Bernstein & Co.
Sinopec's refining segment reported an operating loss of 35.78 billion yuan in 2011, reversing profit of 15.85 billion yuan a year earlier, as the government's control on fuel prices, a way to contain inflation, prevented it from passing on higher crude oil costs freely to customers.
"We estimate that in 2012, the price of international crude oil will generally fluctuate in a high range due to the tight geopolitical situation and other factors," Sinopec said.
Sinopec shares were flat at 7.43 yuan at 2:30pm in Shanghai trading.
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