Sinopec reports 230.3% rise in net profit for Jan-Sep

Oct. 30, 2009 (China Knowledge) - Sinopec<600028><0386><SNP>, Asia's largest oil refiner, said yesterday that its net profit soared 230.3% year on year to RMB 49.71 billion in the first three quarters of this year.

Earnings per share were RMB 0.57, according to the firm's third-quarter results.

The firm's net profit in the third quarter was RMB 16.52 billion, up 123.9% from a year earlier.

In the first nine months, the company's operating profit from oil refining business was RMB 21.56 billion, of which RMB 7.33 was earned in the first quarter, RMB 12.57 billion was earned in the second quarter and RMB 1.66 was earned in the third quarter. The firm's oil refining business booked a loss in August and September.

The firm's operating profit from the marketing and distribution segment decreased 27.7% year on year to RMB 22.38 billion, while that from the chemical segment increased to RMB 14.31 billion from the RMB 376 million earned in the same period of last year.

The oil giant's exploration and production segment saw a year-on-year plunge of 75.2% in operating profit, which was RMB 12.98 billion in the period.

Sinopec predicted that its net profit for 2009 will be up more than 50%.