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Sinopec posts RMB 40.24-bln net profit for H1


Aug. 29, 2011 (China Knowledge) - Sinopec<600028><0386>, the largest refiner in Asia by capacity, announced yesterday that its net profit in the first half of this year grew 9.4% year on year to RMB 40.24 billion under Chinese accounting rules.

Earnings per share were RMB 0.46, up 9.4% year on year, and an interim dividend of RMB 0.10 per share was declared, according to the company's interim report.

The company's revenue surged 31.5% year on year to RMB 1.23 trillion in the first six months, due to higher contributions from upstream exploration and production segment, whose revenue jumped 24.4% year on year to RMB 112.6 billion.

Refining sector generated revenue of RMB 595.7 billion in the first six months, 28.4% more than in the same period of last year. The chemical segment saw its revenue soar 36.8% year on year to RMB 209.4 billion.

Sinopec also said that it plans to raise up to RMB 30 billion by issuing convertible bonds with a coupon rate of not higher than 3%. Proceeds from the deal will be used to fund oil and natural gas projects.