Sinopec Q1 Net Profit Down, Production Rises - Quick Facts

(RTTNews) - China Petroleum & Chemical Corp. (SNP) or Sinopec reported Tuesday that its first-quarter net profit attributable to equity shareholders, based on IFRS, declined 20 percent to 15.468 billion Chinese yuan. Basic earnings per share were RMB 0.128, down 19.5 percent year-on-year.

In accordance with CASs, attributable net profit was 14.763 billion yuan, down 21.3 percent from last year's 18.77 billion yuan. Basic earnings per share were RMB 0.122, down 21.3 percent.

Operating profit on IFRS basis dropped 15 percent from last year to 24.841 billion yuan.

Operating income on CASs basis was 717.579 billion yuan, up 15.5 percent year-on-year.

In the first quarter, the oil and gas production was 113.46 million barrels of oil equivalent, up 1.9 percent from last year.

Domestic crude oil increased 0.2 percent while natural gas increased 6.7 percent.

Exploration and Production Segment realized an operating profit of 2.143 billion yuan, compared to previous year's loss.