Sinopec Corp. Posts H1 Results     

On August 24th, China Petroleum & Chemical Corporation (Sinopec Corp., SH: 600028; HK: 386; NYSE: SNP; LSE: SNP) announced the results for the first half of 2008.
   Under PRC accounting standards, the operating income was RMB734.783 billion, up 30.3% year-on-year. The net profit attributable to the shareholders decreased 73.4% year-on-year to RMB9.339 billion.
   Under International Financial Reporting Standards (IFRS), the turnover with other operating revenues and income was RMB768.185 billion, up 36.2% year-on-year. The profit attributable to its shareholders decreased 77.3% year-on-year to RMB 8.255 billion. EPS was RMB0.108.
   Sinopec Corp. produced 147.38 million barrels of crude oil and 144.2 billion cubic feet of natural gas in the first half of 2008, up 2.4% and 3.3% respectively.
   Sinopec Corp. processed 84.25 million tons of crude oil in H1, up 6.7% and produced 13.78 million tons of gasoline, 33.8 million tons of diesel and 3.94 million tons of kerosene as well as 12.07 million tons of light oil, up 7.7%, 13% and down 3.9% and 1.5% respectively.
   The group sold 63 million tons of oil products, up 8.8% year-on-year. The oil station amounted to 29 188 units, up 1.0%.
    Sinopec Corp. produced 3.307 million tons of ethylene in H1, up 1.0%; 4.923 millions of synthetic resins, up 3.1%; 3.768 million tons of fiber monomer and polymer, down 4.3%; 681 thousand tons of synthetic fiber, down 5.5%; 460 thousand tons of synthetic rubber, up 27.8% and 685 thousand tons of urea, down 15.7%.
    Looking into the second half of 2008, the company plans to produce 21.24 million tons of crude oil and 4.2 billion cubic meters of natural gas, refine 89.75 million tons of crude oil, offer 64 million tons of oil products in Chinese market and make 3.26 million tons of ethylene.