Sinopec 2016 First Quarter's Net Profit Increases Over 200% YoY

China Petroleum & Chemical Corporation (“Sinopec Corp.” or the “Company”)(HKEX: 386; SSE: 600028; NYSE: SNP) announced its unaudited results for the three months ended 31 March 2016 .
Financial Highlights :
Amid low oil prices, the Company’s mid- and down-stream segments became the main profit growth drivers. Operating profits from Refining, Marketing and Distribution, and Chemical segments all recorded significant growth compared to the same period last year, reflecting its integrated advantages.
In accordance with the International Financial Reporting Standards (IFRS), the Company’s operating profit was RMB 13.06 billion , up by 153.4% year-on-year. Profit for the period was RMB 9.56 billion , increased by 267.7% year-on-year. Net profit attributable to owners of the Company was RMB 6.66 billion , increased by 206.8% year-on-year. Basic earnings per share (EPS) were RMB 0.055.
In accordance with China Accounting Standards for Business Enterprises (ASBE), the Company’s operating profit was RMB 12.31 billion , significantly increased by four fold year-on-year. Net profit was RMB 9.03 billion , increased by 355.8% year-on-year. Net profit attributable to equity shareholders of the Company was RMB 6.19 billion , increased by 267.1% year-on-year. Basic earnings per share (EPS) were RMB 0.051.
The Company’s financial position continued to improve during the first quarter. In accordance with IFRS, the Company’s net cash flow from operating activities was RMB 34.35 billion , increased by 414.0% year-on-year. Net cash used in investing activities decreased RMB 11.81 billion compared to same period last year. Cash and cash equivalents at the end of the first quarter was RMB 63.15 billion . Liabilities-to-assets ratio at the end of the first quarter was 43.11%, down by 2.55 percentage points from the year end of 2015.
view the full original version on PR Newswire
Source: PR Newswire
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