Sinopec Corp. Recorded Significant Earnings Growth in the Third Quarter

China Petroleum & Chemical Corporation today announced its unaudited results for the nine months ended 30 September, 2013.

In accordance with the China Accounting Standards for Business Enterprises (“ASBE”), the Company’s operating income for the first three quarters of 2013 was RMB 2139.9 billion, up 5.7% over the same period of last year, and operating profit was RMB 74.71 billion, up 25.8% over the same period of last year. Net profit attributable to equity shareholders of the Company was RMB 51.6 billion for the three quarters, up 23% over the same period of last year. Net profit attributable for equity shareholders of the Company for the third quarter was RMB 22.18 billion, up 63.3% quarter on quarter. Basic earnings per share for the first three quarters were RMB 0.445, up 19.6% over the same period of last year.

In accordance with the International Financial Reporting Standards (“IFRS”), the Company’s turnover and other revenue in the first three quarters of 2013 was RMB 2139.9 billion, up 5.7% over the same period of last year. Operating profit was RMB 78.29 billion, up 14.7% over the same period of last year. Profit attributable to equity shareholders of the Company was RMB 52.3 billion for the first three quarters, up 22.1% over the same period of last year. Profit attributable to equity shareholders of the Company was RMB 22.02 billion for the third quarter, up 61.7% quarter on quarter. Basic earnings per share for the first three quarters were RMB 0.451, up 19% over the same period of last year.

In the first three quarters of 2013, China’s economy grew steadily with GDP up by 7.7% over the same period of last year. Domestic demand for oil products and chemical products continued to grow. The Chinese government further improved the pricing mechanism for oil products by implementing an adjustment of natural gas price and announcing the premium pricing policy for upgraded quality oil products. Based on the macroeconomic trends and market demand, the Company organised its operations with quality and efficiency being the top priorities for growth. It also promoted structural adjustment and change in the development model, while exercising strict control over costs and expenditures. All of these efforts contributed to the significant growth in operating results for the first three quarters of 2013.

(sinopecgroup.com, edited by Topco)