Sinopec Posts Higher H1 Profit

China Petroleum & Chemical

reported an 8% rise in its first-half net profit. Sinopec's net profit for the period surged to 32.5 billion yuan ($5.28 billion), versus a year-ago profit of CNY30.3 billion. Its basic earnings per share came in at RMB0.279. However, analysts were expecting a profit of CNY30.1 billion. Its H1 revenue declined 4.2% to CNY1,356.2 billion versus CNY1,415.2 billion. Operating revenue for the refining segment climbed 1.2% y/y to RMB652 billion, while operating revenue for the chemicals segment rose 0.9% to RMB213.4 billion. Sinopec's net profit for the second-quarter surged to 18.44 billion yuan ($3.0 billion), from a year-ago profit of 13.58 billion, under international accounting standards. Analysts expected a profit of 16.03 billion yuan. Sinopec shares gained 2.56% to close at $100.26 on Friday.