| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Sinopec posts 36% profit jump
HONG KONG, China (Reuters) -- Net profit at Asia's largest refiner, Sinopec Corp, rose 36 percent in the September quarter from a year earlier to 6.336 billion yuan ($765.2 million), beating forecasts. Demand flowing from China's booming economy lifted refining margins. Sinopec said Wednesday it planned to buy the largest ethylene production complex in South China for 3.3 billion yuan in cash from its parent, as it hoped to tap an upturn in the petrochemical margin cycle which is expected to peak in 2005 and 2006. "The ethylene assets would benefit from this forecast industry recovery which would in turn enhance the profitability of Sinopec Corp," the company said in a statement. Sinopec also raised its capital expenditure in 2003 by 15 percent to 43.32 billion yuan as it wants to boost reserves, increase oil and gas production amid high oil prices and strengthen its refining capacity. Sinopec's oil selling price for the first three quarters fell to around $28 a barrel against $28.9 in the first half. It did not provide a figure for the third quarter. In the first three quarters of last year, Sinopec fetched an average $21.24/bbl for its oil. The decline in Sinopec's oil selling price was in line with that of China's No.1 oil and gas producer PetroChina Ltd, which reported in mid-October that its oil selling price fell slightly to $27.36/bbl as of the end of the third quarter, against $28.10/bbl in the second quarter. Sinopec's massive downstream operations, including refining and marketing division were helped by strong demand for petroleum products in the third quarter. Sinopec's shares in Hong Kong closed Tuesday 5.49 percent higher at HK$2.40 amid a rally in the broader market. The stock had gained nearly 15 percent in the past three months. Copyright 2003 Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
