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Petrochemical major Sinopec reports extraordinary profits in Q1
May '09
In the first quarter of this year, Sinopec achieved 11.19 billion Yuan in net profits, a year-on-year increase of 84.7 percent. The company expects its achievements in the first half of 2009 to grow by more than 50 percent year-on-year.

In the first quarter, income from refining operations registered 7.328 billion Yuan. Processed volume of crude oil touched 40,514,200 tons, down 3.27 percent year-on-year, but up 1.21 percent from the fourth quarter of 2008.

However, due to shrinking market demand, sales volume of processed oil in domestic market decreased by 12.42 percent year-on-year, and 6.18 percent from the previous quarter; of which, the volume of retail sales decreased by 14.35 percent.

Sinopec continued to increase crude oil output to 10,395,600 tons in the first quarter, an increase of 0.61 percent year-on-year. Operating income from exploration and mining sector was 2.756 billion Yuan, significantly lower than 11.54 billion Yuan over the same period last year.

In the first quarter, production of ethylene and synthetic resin decreased by 12.22 percent and 3.30 percent year-on-year, but up 3.41 percent and 4.52 percent, respectively, from the previous quarter.

Fibre2fashion News Desk - China

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