Sinopec Q1 profits surge 207%
Updated: 2016-04-29 08:18
(Xinhua)
|
|||||||||
A China Petroleum & Chemical Corp (Sinopec) logo is displayed on a podium at a news conference in Hong Kong, China, on Wednesday, March 30, 2016. [Photo/VCG] |
In the first three months, Sinopec saw its net profits (unaudited) grow 206.8 percent to reach 6.67 billion yuan ($1 billion), a huge improvement over an 84.6-percent drop logged in the same period last year.
The company's Q1 revenue grew 153.4 percent to reach 13.1 billion yuan, compared to a 79.2-percent drop seen in the first three months of last year.
Sinopec's stellar Q1 performance was partly due to the country's new policy on oil price adjustment, which aims to buffer the negative effects of violent fluctuations in international oil prices.
According to the updated oil price mechanism implemented in January, China will adjust the domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per ton for gasoline and diesel over a period of 10 working days, except when international prices go below $40 or above $130.
Following the new policy, oil price adjustment occurred six times. The National Development and Reform Commission announced a price hike on Tuesday.
On Thursday, PetroChina and China National Offshore Oil Corp (CNOOC) also filed quarterly reports, which paled in comparison to Sinopec.
PetroChina, the country's leading oil and gas producer, reported profit losses of 13.78 billion yuan in Q1.
CNOOC, China's top offshore oil and gas producer, said its unaudited Q1 oil and gas sales revenue went down 30.7 percent in the first three months, without disclosing figures for profit growth.
- DPRK's Musudan missile launch appears to have failed
- No one can be impeached for being unpopular: Rousseff
- Cruz teams up with Fiorina against Trump in GOP race
- Russia launches rocket from newly-built Vostochny Cosmodrome
- Iraqi parliament approves partial cabinet reshuffle
- S. Korea, US sign space cooperation agreement
- Top 10 dazzling new car models at Beijing auto show
- London's Big Ben to fall silent for urgent repairs
- Rare snub-nosed monkeys at Beijing Zoo
- Human-like robots say 'hi' to President Xi
- Animals turn savvy earners from entertainers
- Slackline walker conquers Tiger Jumping Gorge
- Top 6 domestic new-energy vehicles at Beijing auto show
- 30th anniversary of the Chernobyl nuclear disaster marked
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Liang avoids jail in shooting death
China's finance minister addresses ratings downgrade
Duke alumni visit Chinese Embassy
Marriott unlikely to top Anbang offer for Starwood: Observers
Chinese biopharma debuts on Nasdaq
What ends Jeb Bush's White House hopes
Investigation for Nicolas's campaign
Will US-ASEAN meeting be good for region?
US Weekly
Geared to go |
The place to be |