Sinopec Corp. Saw Net Profit Growth for Q3 2009
Year:2009 ISSUE:33
Click:354    DateTime:Nov.25,2009
Sinopec Corp. Saw Net Profit Growth for Q3 2009     

China Petroleum & Chemical Corporation (Sinopec Corp., SH: 600028; HKEX: 386; NYSE: SNP; LSE: SNP) announced the turnover, other operating revenues and other income amounted to RMB893.448 billion in the first nine months of 2009 in accordance with the International Financial Reporting Standards (IFRS), representing an annual decrease of 21.7%. Net profit was RMB49.797 billion, up 230.5% year-on-year. EPS was RMB0.574, up 230.5%.
    In the third quarter alone, the company gained net profit of RMB16.524 billion, up 123.9%.
   The company's net profit is contributed to the Chinese economy growth in the first nine months, which drove domestic demand for oil products and chemicals. In addition, it made efforts to expand the markets for all products and further integrating production, sales, and research to increase the production of oil products and gas.
   The company initially expects profitability for the full year to increase over 50% year-on-year.