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China : Sinopec: ethylene & synthetic resin output up in Q1 |
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2006-4-29
China : Sinopec: ethylene & synthetic resin output up in Q1
Leading chemical company China Petroleum & Chemical Corporation (Sinopec Corp (SNP) announced its financial results for the first quarter ended 31 March 2006.
Based on the PRC Accounting Rules and Regulations, income from principal operations for the first quarter of 2006 amounted to RMB 222.70 billion, an increase of 31.74 percent over the same period in 2005, and the net profit amounted to RMB 9.13 billion. Earnings Per Share was RMB 0.105, an increase of 1.4 percent over the same period in 2005.
Based on IFRS, turnover and other operating revenues of the Company amounted to RMB 227.20 billion, an increase of 30.48 percent over the same period in 2005. Profit attributable to equity shareholders amounted to RMB 9.29 billion and earnings per share was RMB 0.107, a decrease of 3.62 percent over the same period in 2005.
During the first quarter of 2006, the Chinese economy continued to grow rapidly and domestic demand for refined oil products and petrochemical products remained strong. International prices of crude oil rose to new heights.
According to the comprehensive reform scheme to improve petroleum pricing mechanism, the State began to impose special oil income levy on E & P companies and raise moderately domestic oil products prices from March 26th.
By actively working to optimize resource allocation and product structure and expand production volume, the Company achieved a sustained increase in oil and gas production, particularly in the volume of crude oil processed, as well as in the sales volume of refined oil products, ethylene production and synthetic resin.
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 The production of ethylene and synthetic resin increased by 34.94 percent and 23.29 percent respectively compared to the same period in 2005. Operating profit was RMB 3.14 billion.
Also during the first quarter, the Company made significant progress in the exploration and development of oil and gas reserves in the Tahe oilfields in western China and the Ordos Basin.
The expansion of the production capacity for crude oil and natural gas progressed smoothly. Output of crude oil and natural gas increased by 2.81 percent and 23.4 percent respectively compared to the same period in 2005. Operating profit was RMB16.62 billion.
Ethylene producer Sinopec business scope is mainly covers oil and gas exploration, development, production and marketing; oil refining; production and sales of petrochemicals, chemical fibers, chemical fertilizers and other chemical products; storage and crude oil and natural gas; import, export and refined oil products, petrochemicals, chemicals, and other commodities and technologies; research, development and application of technology and information. | |
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