Sinopec Q2 Earnings Beat Street
Sinopec Corp, Asia's largest refiner, posted a 36 percent rise in second-quarter profit, beating forecasts, as a strong improvement at its refining business more than offset a weakening chemicals division.
It posted a net profit of 18.44 billion yuan ($3.0 billion) for the April-June period versus 13.58 billion a year earlier, under international accounting standards, it said in a filing with the Shanghai bourse.
The result topped with an average forecast of 16.03 billion yuan by six analysts polled by Thomson Reuters.
The state-run oil company, which has vowed to put more emphasis on investment quality and efficiency than expansion, unveiled a plan early this year to sell up to 30 percent of its fuel retailing business. Analysts expect it to raise around $20 billion from the sale.
Sinopec has also said it would cut capital expenditure by 4 percent to 162 billion yuan in 2014 from a scaled-down 169 billion last year.
Reporting by Charlie Zhu, Twinnie Siu and Christina Lo