Sinopec Posts 2% Rise In 2011 Net Profit

China Petroleum & Chemical Corp

reported a 2% rise in its 2011 net profit. Sinopec's net profit for the period rose to CNY73.23 billion (US$11.6 billion), from CNY71.78 billion in 2010, as per international accounting standards. However, analysts were expecting a net profit of CNY76.63 billion. Sinopec's revenue climbed 31% to CNY2.51 trillion from CNY1.91 trillion. Sinopec's oil and gas producing operation reported an operating profit of CNY71.63 billion, up from CNY47.15 billion in the year-ago period. Sinopec also proposed a final dividend of CNY0.20, versus CNY0.13 in the year-ago period. Sinopec shares closed at $111.30 on Friday.