Sinopec Net Tops Estimates; Refining Loss Half of PetroChina
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China Petroleum & Chemical Corp., Asia’s biggest refiner, posted record half-year profit that beat analysts’ estimates after it kept the cost of crude-oil purchases in check while increasing fuel production.
Net income rose 12 percent to 41.17 billion yuan ($6.5 billion), the company known as Sinopec said yesterday. That surpassed the 36.02 billion-yuan median estimate in a survey of six analysts and PetroChina Co.’s 1 percent gain. Shares rose.