Sinopec Corp's Net Profits Shrink in H1

(Aug. 26)

China Petroleum and Chemical Corporation (Sinopec Corp) generated RMB734.783bn in business income n the first half of this year, up by 30.3% year-on-year, according to the company’s interim report released on August 24th. However, its oil refining business incurred losses and the business profits plummeted by 86.5% to RMB7.2bn, mainly due to the significant increase in the price of crude oil. In the period, Sinopec’s net profits dropped by 73.4% over the previous year to RMB9.339bn, while its earnings per share stood at RMB0.108.

(Editor: Irene Lu)