Sinopec H1 Net Profit Increases 24%

China Petroleum & Chemical

reported a 24% rise in its first-half net profit. Sinopec's net profit for the six months surged to 30.28 billion yuan ($4.95 billion), from CNY24.50 billion, in the year-ago period. Its revenue gained 5.2% to CNY1.42 trillion from CNY1.35 trillion. It posted an operating profit of CNY213 million, versus a year-earlier operating loss of CNY18.5 billion. Sinopec shares closed at $75.07 on Friday.