Sinopec's 2009 profit jumps 116%

China Petroleum and Chemical Corp., or Sinopec Corp., said its net profit for 2009 soared 116.5% on the previous year to 61.76 billion yuan (US$9.05 billion) based on international financial reporting standards. However, turnover and other operating revenues fell 10% year-on-year to 1.35 trillion yuan (US$197.75 billion), Sinopec said. In a statement filed with the Shanghai Stock Exchange, Sinopec said it experienced a bumpy start in the first quarter of 2009, with a slump in both demand and prices of oil products and petrochemicals. The company’s oil product sales volume for 2009 reached 124.02 million metric tons, 0.8% higher than 2008, with retail volumes reaching 78.9 million metric tons, down 6.2%. (March 28, 2010)