China’s Sinopec announces financial results for H1 2017
The rise in the company’s operating profit was attributed to better earnings from its chemicals business as well as a narrower loss from producing oil and gas amid lower crude oil prices. A decrease in financing costs, which dipped almost 70% to 1.3 billion yuan ($197 million), also contributed to the company’s higher profit.
Sinopec’s net income also rose to 27.9 billion yuan ($4.2 billion) in the first half while its revenue climbed 33% to 1.17 trillion yuan ($177 billion).
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