Sinopec Net Unexpectedly Rises as China Demand Climbs
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China Petroleum & Chemical Corp., Asia’s biggest refiner, unexpectedly posted a 6.7 percent increase in first-half profit as a rebound in the nation’s economy spurred demand for oil, gas and petrochemicals.
Net income at Sinopec, as China Petroleum is known, climbed to 35.46 billion yuan ($5.22 billion), or 0.403 yuan a share, from 33.25 billion yuan, or 0.381 yuan, a year earlier, the Beijing-based company said in a statement to the Shanghai stock exchange today. That compares with a median estimate of 32.4 billion yuan in a survey of 10 analysts compiled by Bloomberg.