August 23, 2009 / 10:41 AM / 9 years ago

China's Sinopec quarterly profit soars, beats forecasts

HONG KONG, Aug 23 (Reuters) - China’s Sinopec Corp (0386.HK), the world’s second-largest refiner after Exxon Mobil (XOM.N), posted its best quarterly profit in more than two years on Sunday, buoyed by recent fuel price hikes and falling crude oil prices.

The company’s net profit was 22.0 billion yuan ($3.22 billion) for April-June, based on Reuters’ calculations.

The result was higher than the 16.1 billion yuan expected by five analysts surveyed by Reuters. It compares to a restated net profit of 1.62 billion yuan in April-June last year.

Sinopec (600028.SS) (SNP.N) aims to process 97.1 million tonnes of crude in the second half of this year.

The company, which is China’s second-largest oil producer after PetroChina (0857.HK) (601857.SS) (PTR.N), also plans to produce 21.4 million tonnes of crude oil and 4.96 billion cubic metres of natural gas, it said. ($1=6.831 Yuan) (Reporting by Sui-Lee Wee, Editing by Muralikumar Anantharaman)

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