China's Sinopec Posts Best Quarterly Earnings in Nearly Three Years

The company, commonly known as Sinopec, credited strong earnings from refining and higher oil prices for the higher profit.

CapitalWatch Staff
    Apr 26, 2018 4:56 PM  PT
China's Sinopec Posts Best Quarterly Earnings in Nearly Three Years
author: CapitalWatch Staff   

China Petroleum & Chemical Corp. (NYSE: SNP) announced that its profit for the first quarter grew more than 12 percent from the prior quarter as the oil refining giant enjoyed its best quarterly profit since June 2015.

The company, commonly known as Sinopec, credited strong earnings from refining and higher oil prices for the higher profit.

For the first three months this year, the company said its earnings were 19.3 billion yuan ($3.1 billion), up 12.3 percent from 12.75 billion yuan in the fourth quarter, the company said in a filing to the Hong Kong Stock Exchange on Thursday.

Shares in the company rose slightly more than 1 percent today in New York, closing at $96.80 per share, up $1.21.

Sinopec's total revenue rose to 621.3 billion yuan ($98.2 billion) in the January to March period, up 6.7 percent from the year earlier period.

Higher processing margins have benefited both state-owned and private refiners and pushed the country's refinery throughput to record high in March.

Sinopec said it produced 71.35 million barrels of crude oil during the period, down a slight 1 percent from a year ago, while its natural gas production rose just 0.6 percent to 239.83 billion cubic feet.


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