Sinopec Posts 19.3 Percent Profit Rise in First Half
Sinopec posted an unexpected 19.3 percent rise in first-half net profit to 25.63 billion yuan. The refiner navigated Middle East supply disruptions and falling domestic demand by broadening crude sourcing.
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CHINA PETROLEUM & CHEMICAL-A posted a 19.3% year-on-year increase in first-half net profit to 25.63 billion yuan ($3.81 billion) on Sunday morning, defying the Iran war and domestic fuel demand contraction. The result surpassed the 21.48 billion yuan recorded a year earlier. The unexpected profit jump occurred even as the world's largest refiner absorbed a 16 billion yuan inventory write-down.
