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Sinopec records profits rise
By Zhang Fengming |
April 29, 2010, Thursday
|
Online Edition
Online Edition
CHINA Petroleum and Chemical Corp posted a 40 percent rise in profits in first quarter.
The top Asian oil refiner said 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.
The Beijing-based company, whose main business is refining and fuel distribution, processed 20 percent more crude oil into oil products during the first quarter after the government raised fuel prices five times in 2009.
Sinopec's fuel sales rose 24 percent in the first quarter to 32.8 million metric tons.
China's economy grew rapidly in the first quarter, triggering bigger demand of oil and chemicals products on rising fixed assets investment.
The company's ethylene production grew to 2.03 million tons by 36 percent 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.
Pump prices rose by up to 4.6 percent on April 14. The government has adjusted prices 10 times since introducing a mechanism in December 2008 that allows China to change prices when crude prices change more than 4 percent over 22 working days.
Meanwhile, Sinopec is reported to be carrying out China's biggest exchange-listed corporate debt issue when it sells up to 20 billion yuan (US$2.93) billion in bonds in Shanghai this month, according to the Wall Street Journal.
The top Asian oil refiner said 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.
The Beijing-based company, whose main business is refining and fuel distribution, processed 20 percent more crude oil into oil products during the first quarter after the government raised fuel prices five times in 2009.
Sinopec's fuel sales rose 24 percent in the first quarter to 32.8 million metric tons.
China's economy grew rapidly in the first quarter, triggering bigger demand of oil and chemicals products on rising fixed assets investment.
The company's ethylene production grew to 2.03 million tons by 36 percent 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.
Pump prices rose by up to 4.6 percent on April 14. The government has adjusted prices 10 times since introducing a mechanism in December 2008 that allows China to change prices when crude prices change more than 4 percent over 22 working days.
Meanwhile, Sinopec is reported to be carrying out China's biggest exchange-listed corporate debt issue when it sells up to 20 billion yuan (US$2.93) billion in bonds in Shanghai this month, according to the Wall Street Journal.
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