OREANDA-NEWS. November 02, 2012. China Petroleum & Chemical Corporation (“Sinopec” or “the Company”) (CH: 600028; HKEX: 386; NYSE: SNP; LSE: SNP) announced its unaudited third quarter results for the nine months ended 30 September, 2012, reported the press-centre of Sinopec.

 Financial Highlights:
In accordance with the PRC Accounting Standards for Business Enterprises (“ASBE”), in the third quarter of 2012, the Company’s operating income increased by 5.43% year-on-year to RMB676.694 billion. Net profit attributable to shareholders of the company decreased by 7.5% year-on-year to RMB18.249 billion and the basic earnings per share was RMB0.210, a reduction of 7.9% year-on-year.

In accordance with the International Financial Reporting Standards (IFRS), in the third quarter of 2012, the Company’s turnover, other operating revenues and other income amounted to RMB676.694 billion, increased by 5.43% over the same period of last year. Operating profit amounted to RMB28.185 billion in the third quarter, and net profit attributable to the shareholders of the Company amounted to RMB18.326 billion, down by 9.38% from the same period of last year. Basic earnings per share was RMB0.211, down by 9.44% year-on-year.
 
In the first three quarters of 2012, the domestic demand for oil products and chemical products continued to rise, though at a slower rate. The price of chemical products fell in the second quarter, but rebounded in the third quarter. The Company made rational arrangements for production and operations in accordance with the macroeconomic trend and market demand, and actively adjusted its product mix, leading to a remarkable quarter-on-quarter improvement of results in the third quarter.

Business Highlights:
Exploration & Production Segment – In the first three quarters, the Company’s oil and gas production reached 318 million barrels of oil equivalent, representing a year-on-year growth of 4.92%, of which, crude oil production was 245 million barrels and natural gas production was 438 billion cubic feet, representing a year-on-year growth of 2.32 % and 14.69 % respectively.

Refining Segment - In the first three quarters, the daily crude oil processing volume was 4.39 million barrels, representing a year-on-year growth of 0.46 %.

Marketing and Distribution Segment - The total sales volume and retail sales volume of oil 
product amounted to 128.34 million tonnes, representing a year-on-year growth of 5.56%. Total domestic sales volume of oil products increased by 4.32% to 118.48 million tonnes, of which the retail sales volume of oil product amounted to 81.05 million tonnes, representing a year-on-year growth of 7.28%.

Chemicals Segment - In the first three quarters, the output of ethylene was 7.024 million tonnes, representing a year-on-year decrease of 4.51%, and the output of synthetic resin was 9.956 million tonnes, representing a year-on-year decrease of 1.10%.

In the first three quarters of 2012, the Company’s capital expenditure was RMB 83.448 billion.