Sunday, August 23, 2009

Sinopec’s Net Surges on Fuel Prices; Beats Estimates

China Petroleum & Chemical Corp., Asia’s biggest refiner, said first-half profit rose more than four fold, beating estimates, after the government eased curbs on fuel prices and the nation’s economic recovery spurred demand. Net income increased to 33.2 billion yuan ($4.86 billion), or 0.381 yuan a share, from a restated 7.7 billion yuan, or 0.057 yuan a share, a year earlier, Sinopec, as China Petroleum is known, said in a statement to the Hong Kong stock exchange today. That compares with a 27 billion yuan median estimate in a Bloomberg survey of four analysts. The gain contrasts with earnings declines at Royal Dutch Shell Plc and Exxon Mobil Corp., the world’s biggest oil companies, after.....Complete Story

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