Sinopec income up 14% in Q1, profit down 37%

ERJ staff report (LMH)

Beijing - Sinopec's (China Petroleum & Chemical Corp.) first quarter 2012 operating income increased by 14 percent year-on-year to Yuan 671 billion (Euro 80 billion). Net profit decreased by 37.42 percent year-on-year to Yuan 13 billion.

Sinopec noted a number of business highlights in its four businesses. In its exploration and production segment, Sinopec recorded solid growth in the output of crude oil and natural gas. Crude oil output amounted to 81.53 million barrels, an increase of 4.47 percent from the same period in 2011.

In the refining business, the throughput of crude oil amounted to 55.4104 million tonnes, an increase of 2.13 percent over the same period last year. The output of refined oil amounted to 32.8676 million tons, an increase of 5.01 percent over the same period last year, Sinopec said.

In the marketing and distribution unit, domestic sales of refined oil increased by 3.20 percent from the first quarter 2011 to 38 million tonnes. Of this, retail sales accounted for 26 million tonnes, an increase of 8.40 percent from Q1 2011.

In the chemicals segment, the output of ethylene and synthetic resin totalled 2.4 million tonnes and 3.4 million tonnes respectively, a decrease of 3.86 percent and 2.14 percent respectively from the first quarter 2011.

Capital expenditure for the first quarter of 2012 amounted to around Yuan 18 billion, the Chinese conglomerate said.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Sinopec