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Sinopec Reports Huge Increase in Revenues, Chemicals Operating Profit is Down

2:13 AM MDT | August 23, 2010 | Natasha Alperowicz

Sinopec reported a 75.4% increase in operating income to Rmb936.5 billion ($137.9 billion) in its interim results covering the first six months of this year. Net profit attributable to equity holders was up 6.7% at Rmb35.5 billion. "The Chinese economy grew relatively fast, with GDP reaching 11.1% over the same period of last year," the company says. Domestic ethylene-equivalent consumption grew by 9.6%. Sinopec expects China's economy to maintain its growth momentum in the second part of this year. Sinopec's chemicals segment reported a 68.6% increase...

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