Sinopec H1 Operating Profit Decline 13.3%

(RTTNews) - China Petroleum & Chemical Corp. (SNP) or Sinopec reported operating profit of RMB 35.1 billion for the six months ended 30 June 2016, in accordance with the International Financial Reporting Standards, representing a decline of 13.3% from the same period last year. Profit attributable to equity shareholders for the period was RMB 19.9 billion. Basic earnings per share were RMB 0.165.

In accordance with China Accounting Standards for Business Enterprises, Sinopec reported operating profit of RMB 34.3 billion, 12.9% lower from the same period of 2015. Net profit attributable to the equity shareholders was RMB 19.3 billion. Basic earnings per share were RMB 0.159.

The company's board declared an interim dividend of RMB0.079 per share.

Looking ahead, the company expects China's economic growth to be steady in the second half of 2016. In the second half of 2016, the company plans to produce 147 million barrels of crude oil, of which domestic production will account for 125 million barrels and overseas production will account for 22 million barrels.

In the second half of the year, the company said it will remain focused on implementing the development plan for 2016 through 2020.