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Sinopec net profit surges in Jan-Sept

(Xinhua)
Updated: 2009-10-30 00:57

China Petroleum and Chemical Corp (Sinopec), Asia's largest oil refiner, said Thursday that its net profit in the first three quarters surged 230.3 percent to 49.7 billion yuan ($7.3 billion) due to an adjusted refined oil prices in domestic market.

Oil price advance in the international market and China's oil price reforms have improved the business environment for refining operation, said the company in a statement to the Hong Kong Stock Exchange.

Related readings:  Sinopec hit by refining losses in Oct  Sinopec discovers super large gas field in Chongqing  Sinopec's net profit up 332.8% in H1  Sinopec spends $7.5b on China's largest overseas takeover

July-September net profit jumped 124.1 percent to 16.55 billion yuan according to the report. It also forecasted its whole year profit would rise over 50 percent.

Operating income from refining in the first three quarters was 21.6 billion yuan, reviving from a loss a year earlier.

The company expanded its chemical business as the demand rebounded, earning 14.3 billion yuan in the period, but its incomes for exploration and development declined 75.2 percent year-on-year to 12.98 billion yuan in the January to September period, according to the report.