China’s Sinopec posts 2.7% rise in first-half profit

Author: Reuters

China’s Sinopec posted a 2.7% rise in net profit for the first half of the year, it said on Sunday, as rising oil prices boosted income.

China Petroleum & Chemical Corp as Sinopec is officially known, reported on Sunday a net income of 37.1 billion yuan ($5.21 billion) for January to June, according to a filing with the Shanghai stock exchange, based on Chinese accounting standards.

Sinopec, the world’s largest oil refiner by capacity, saw its sales fall 1.1% to 1.58 trillion yuan. Meanwhile, production of ethylene, a key building block for petrochemicals, fell 5.5% during the first half. Capital expenditure was 55.9 billion yuan for the period.

FacebookFacebookTwitterTwitterLinkedinLinkedinWhatsappWhatsappEmailEmail
Share
Leave a Comment

Recent Posts

  • Trending

UAE launches new multi-entry visit visa: Key details revealed

The United Arab Emirates has launched a new multi-entry visit visa aimed at offering increased…

4 hours ago
  • Pakistan

PM says no negligence will be tolerated in preparations of Hajj 2025

Prime Minister Shehbaz Sharif on Monday reviewed preparations for Hajj 2025, directing that no negligence…

4 hours ago
  • World

Trump promises harsh immigration crackdown on inauguration eve

Donald Trump told thousands of roaring supporters he would impose severe limits on immigration on his…

4 hours ago
  • World

Israel’s move to ban UN’s aid agency for Palestinians would be ‘catastrophic’: Top official

The head of the United Nations agency that assists Palestinian refugees, UNRWA, has warned that…

4 hours ago
  • Pakistan

Trial under Army Act; hearing postpones for non-availability of Bench

Constitutional Petition regarding Trial of Civilians under Army Act was fixed for hearing today (Monday,…

4 hours ago
  • Top Stories

21 Pakistani nationals rescued off Moroccan coast: FO

Based on verified information, twenty-one Pakistani nationals have been identified among the survivors of a…

4 hours ago