Enter multiple symbols separated by commas

Chinese Refiner Sinopec Post 30% Rise in 2006 Net Profit

China Petroleum & Chemical Corp., better known as Sinopec, recorded a 30% rise in net profit in 2006 as strong domestic fuel demand and weaker crude oil prices late in the year offset refining losses.

The net profit of Asia's largest refiner by capacity totaled 53.9 billion yuan (US$7 billion) in 2006, up from 41.5 billion yuan in 2005, the company reported Tuesday.

State subsidies worth 5 billion yuan also helped boost earnings. Revenue rose to 1.05 trillion yuan from 799.3 billion yuan the year before, the company reported.

Sinopec's operating loss for its refineries jumped to 23.9 billion yuan from 7.84 billion yuan in 2005.

But its marketing division saw a 60.7% jump in operating profit on strong fuel sales last year. Sinopec owns China's largest gasoline station network.

The company said it expects to report a more than 50% jump in net profit for first quarter 2007 due to expanded operating capacity. It did not give a figure. In 2006, Sinopec's first quarter net profit was 9.1 billion yuan.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • FDA bans import of some Cilantro as annually recurring outbreaks (in 2012, 2013, and 2014) of cyclosporiasis in the United States which have been associated with fresh cilantro from the state of Puebla, Mexico.

    The FDA announced the partial ban after some cilantro was linked to 2013 and 2014 outbreaks of stomach illnesses in the US.

  • Thomas Lee

    This year's flat market is reminiscent of 1904, says Thomas Lee of Fundstrat Global Advisors in an interview with Amanda Drury.

U.S. Video

  • CNBC update: NFL upholds Tom Brady's suspension

    Representatives from 70 countries are meeting in Spain on counter-terrorism strategies, and NFL Commissioner Roger Goodell has upheld the 4 game suspension of Tom Brady, reports CNBC's Sue Herera.

  • China markets historically wild: Pro

    Insight to the action in China's stock market, and buildup of debt in the economy there, with Ken Brown, Wall Street Journal Asia Finance Editor & Hong Kong Bureau Chief.

  • And America's best burger goes to...

    CNBC's Jane Wells takes a bite out of the top five burgers in America according to The Daily Meal.