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China:Sinopec records surge in profits |
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2004-9-8
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China Petroleum & Chemical (Sinopec) and its subsidiaries recorded sharp improvements in profit in the first half of the fiscal year, which ends on Dec. 31.
At Sinopec, net profit surged more than 50 percent, to $1.94 billion, compared with the same period last year. Sales increased 36percent to $32 billion. The conglomerate derives about 20 percent of its business from sales of petrochemical products.
Sinopec says it operated its facilities at a high level during a period of growth in the Chinese economy and improving margins in the global refining and petrochemicals business.
Shanghai Petrochemical, a separately listed company that is 55 percent owned by Sinopec, more than tripled its net profit compared with a year ago, to $183 million. Sales increased 25 percent to $2.1 billion. Like its parent, Shanghai Petrochemical credited high volumes of production and improved margins for its performance.
Polyester producer Yizheng Chemical Fibre, 42 percent owned by Sinopec, increased its net profit 29 times compared with a year ago, to $24 million. Sales grew 26 percent to $715 million.
Yizheng credited the commissioning of a new purified terephthalic acid unit last year for reducing the cost of procuring raw materials. The company noted that polyester prices in China did not rise to the same extent that raw materials have in the past few months. |
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