Sinopec Q1 net beats forecasts

Sinopec (0386.HK), Asia’s top oil refiner, may face an uncertain future for its refining business unless crude prices fall or Beijing raises fuel prices more frequently, even after the company reported a first-quarter profit rise that beat analyst forecasts.

The press release is quoted as saying:

Sinopec (600028.SS)(SNP.N) posted a 40 percent rise in first-quarter net profit as booming demand for chemicals and oil in China offset weak refining margins. Earnings growth, however, was lower than its closest rival PetroChina (0857.HK) (601857.SS) (PTR.N), which reported a 71 percent rise in profit. [ID:nTOE63Q097]

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