Sinopec's ethylene output up in H1, to generate 2.75mn in H2
29 Aug '05
4 min read
Largest integrated energy and chemical companies, China Petroleum & Chemical Corporation (Sinopec Corp) announced its financial results for the first half of fiscal year 2005.
Under IFRS, the turnover and other operating revenues of the Company totaled RMB 368.45 billion (US$44.50 billion), an increase of 31.85% over the first half of 2004. Profit attributable to equity holders of the parent amounted to RMB 19.65 billion (US$2.37 billion), an increase of 17.36% over the first half of 2004. Earnings per share was RMB 0.227 based on the number of shares outstanding at the end of the reporting period.
Under the PRC Accounting Rules and Regulations, revenues from principal operations totaled RMB 359.24 billion (US$43.39 billion), an increase of 35.20% over the first half of 2004. Net profit totaled RMB 18.04 billion (US$2.18 billion), an increase of 19.98% compared to the first half of 2004. Earnings per share was RMB 0.208 based on the number of shares outstanding at the end of the reporting period.
“During the first half of 2005, international prices of crude oil were very volatile and the price differential between domestic and overseas refined oil products widened further due to the austerity price controls on domestic refined oil products. Such price controls kept domestically refined oil product prices substantially lower than crude oil prices. Despite this challenging environment, the Company successfully managed to deliver fairly strong results by optimizing resource allocation, adjusting its corporate structure, strengthening internal management and maximizing the synergies between the energy and petrochemical businesses.” commented Sinopec Corp. Chairman, Chen Tonghai.
marketing@alchempro.com
