China : Sinopec reports Q1 fiscal 2007 results

China Petroleum & Chemical Corporation announced its financial results for the first quarter ended 31 March 2007.

Based on the PRC Accounting Standards for Business Enterprises, operating revenue for the first quarter of 2007 amounted to RMB 278.25 billion, an increase of 23.05% over the same period in 2006, and the profit attributable to the equity shareholders of the Parent amounted to RMB 19.42 billion, a rise of 112.57% over the same period in 2006.

Based on IFRS, turnover and other operating revenues of the Company amounted to RMB 279.64 billion, a rise of 23.08% over the same period in 2006. Profit attributable to equity shareholders of the Parent amounted to RMB 19.44 billion, an increase of 103.67% over the same period in 2006.

“During the first quarter of 2007, the Chinese economy continued to grow rapidly and international crude oil prices remained relatively high and volatile. There was reasonable growth in domestic demand for petrochemical products, and prices of petrochemical products were maintained at a relatively high level,” said Mr. Chen Tonghai, the Chairman of Sinopec Corp.

“By following the principles of reform, adjustment, good management, innovation and development, we were able to work to
cope with market changes, as we focused on health, safety and environmental protection, and strove to cut costs and expenses, accelerating structure adjustments, strengthened enterprise management, and promoted innovation in science and
technology."

"The Company increased oil and gas production, the volume of crude oil processed, the sales volume of refined oil products and production of ethylene, and achieved an excellent business performance with accelerating growth in net profits,” Mr. Chen added.