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Chinas Sinopec H1 profit jumps 11.9%

August 29/2011

(ICIS) -- Chinese petrochemical major Sinopec reported on Monday an 11.9% year-on-year surge in first-half 2011 net profit to CNY41.2bn (USD 6.45bn) given sharp increase revenue, which offset heavy losses in its refining business.


Total turnover for the six-month period jumped 31.5% year on year to CNY1,233bn, with the companys operating profit rising 5.7% to CNY58.4bn, the company said.


Its refining segment incurred a CNY12.2bn loss in January-June 2011, sharply reversing a CNY5.7bn profit made in the same period last year, because of spikes in crude prices.


Fuel prices are regulated in China, preventing oil companies to immediately pass on their high cost of production to consumers.


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