Sinopec's Profit Down 20.1% On Lower Prices

Chinese refining giant Sinopec Corp has reported a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), Chen Aizhu and Judy Hua reported for Reuters.

Al-Zour is one of Sinopec's investments in Kuwait and is the largest refinery in the Middle East. I Photo: Sinopec

Sinopec, the world's largest refiner by capacity, reported revenues of 1.59 trillion yuan for the six months, down 1.1% from the year-earlier level due to lower prices despite higher refinery output and bigger fuel sales.

During the period, Sinopec processed a total of 126.54 million metric tons of crude oil, up 4.8% versus a year ago, and its refined fuel sales rose 18.5%, to 116.6 million tons.

Domestic fuel demand extended recovery in the second quarter after a 6.7% year-on-year increase in the first three months, led by gasoline and aviation fuel as people traveled more.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic