China’s Sinopec announces financial results for H1 2017

According to media reports, China’s Sinopec announced its financial results for the first half of 2017. In the January-July period of the year, the company’s operating profit surged by around 40% on a year over year basis to reach 39.3 billion yuan ($6 billion) while its net profit in the first half also surged by 40% to 27.9 million yuan ($4.2 billion).

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).