OREANDA-NEWS. September 02, 2013. China Petroleum & Chemical Corporation (“Sinopec” or “the Company”) announced its interim results for the six months ended 30 June 2013.

Financial Highlights:

In accordance with International Financial Reporting Standards (“IFRS”), the Company’s turnover, other operating revenues and other income was RMB1,415.244 billion, up 5.0% year – on - year.

Operating profit was RMB46.741 billion, an increase of 16.6% year – on - year.

Net profit attributable to owners of the Company was RMB 30.281 billion, a 23.6% increase year – on - year.

Earnings per share was RMB0.262, up 20.7% over the same period last year.

In accordance with the PRC Accounting Standards for Business Enterprises (“ASBE”), the Company’s operating income was RMB1,415.244 billion, up 5.0% year – on - year. Operating profit was RMB43.693 billion, an increase of 30.4%.

Net profit attributable to equity shareholders of the Company was RMB29.417 billion, a 24.1% increase year – on - year. 

Earnings per share was RMB0.254, an increase of 21.0% year – on - year.

The Board of Directors approved an interim dividend of RMB0.09 per share, representing a 20.9% increase in cash dividend over the same period last year.

In the first half of 2013, global economic recovery remained weak , while China’s economy grew steadily with 7.6% GDP growth over the same period last year. Domestic demand for oil products and chemical products continued to grow. Prices of chemical products dropped due to an increase in imported products.

The Chinese government further improved the pricing mechanism for oil products and announced an adjustment to the price of natural gas.