Sinopec first-half Profit declines - Update

Sunday, Sinopec Corp. reported a fall in its profit for the first-half, compared to last year.Net profit attributable to shareholders in accordance with IFRS standards declined 77.3% to RMB 8.26 billion or RMB 0.064 per share, compared to RMB 36.38 billion or RMB 0.420 per share in the same period last year.

Operating profit was down 86.5% at RMB 7.22 billion versus RMB 53.59 billion in the prior year.

Net profit in accordance with PRC accounting standards was down 73.4% in the period at RMB 9.34 billion or 0.076 RMB per share, compared to RMB 35.11 billion or RMB 0.405 per share last year.

In the first half, the Company produced 147.38 million barrels of crude oil and 144.2 billion cubic feet of natural gas, up 2.4% and 3.3% respectively over the same period of last year.

International crude oil prices rose high during the six-month period, and the average Platt's Brent spot price was US$109.14 per barrel, up 72.53% over prior year.

For the second half, Sinopec expects lower demands for chemical products and domestic refining business to be under continued pressure. The company plans to produce 21.24 million tonnes of crude oil and 4.2 billion cubic meters of natural gas in the coming six-month period.

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