Sinopec H1 profit surges

Source:Xinhua Published: 2018/8/27 23:18:40

China Petroleum and Chemical Corp (Sinopec) on Sunday reported a 53.6 percent increase in first-half net profit to 41.6 billion yuan ($6.1 billion), mainly due to strong energy demand and higher oil prices.

Revenue rose 11.5 percent to 1.3 trillion yuan, according to financial results filed with the Shanghai Stock Exchange.

The company cited China's steady economic growth and rising demand for oil and natural gas, in addition to higher oil prices.

The spot price of Brent crude oil surged 36.2 percent year-on-year in the first half to $70.55 per barrel.

Posted in: ECONOMY

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