Sinopec Corp. Posts Q3 Results
Year:2008 ISSUE:33
COLUMN:M & A, BUSINESS & TRADE
Click:182    DateTime:Nov.25,2008
Sinopec Corp. Posts Q3 Results      

On October 30th, China Petroleum & Chemical Corporation (Sinopec Corp., SH: 600028; HK: 386; NYSE: SNP; LSE: SNP) announced the results for the third quarter of 2008.
   Under PRC accounting standards, the net profit attributable to equity shareholders was RMB8 303 million in the third quarter of 2008, down 63.7% year-on-year. EPS was RMB0.096, down 63.7%.
   Under the International Financial Reporting Standards (IFRS), the profit attributable to its shareholders decreased 67% year-on-year to RMB8 168 million for Q3.
   Sinopec Corp. produced 31.33 million tons of crude oil and 6.105 billion cubic meters of natural gas in the first nine months of 2008, up 2.09% and 2.16% respectively.
    The company processed 128.77 million tons of crude oil in the past nine months of 2008, up 7.25% and produced 21.35 million tons of gasoline, 52.51 million tons of diesel and 5.95 million tons of kerosene as well as 18.09 million tons of light oil, up 10.28%, 14.78% and down 5.71% and 0.06% respectively.
   During January to September, the company sold 94.81 million tons of oil products, up 7.05% year-on-year. The oil station amounted to 29 220 units, up 0.84%.
   Sinopec Corp. produced 4.85 million tons of ethylene in the past nine months of 2008, down 0.76%; 7.294 millions of synthetic resins, up 1.05%; 5.691 million tons of fiber monomer and polymer, down 3.88%; 982 thousand tons of synthetic fiber, down 8.88%; 653 thousand tons of synthetic rubber, up 19.6% and 1.198 million tons of urea, down 2.52%.