China Sinopec Q2 Profit Down 10.5Pct

»China Sinopec, the largest oil refiner in Asia said Monday its second-quarter profit declined 10.5 percent to 19.68 billion yuan.

»Despite the fall, the profit is still beat Reuters’ expectations of 17.52 billion yuan.

»The company posted a net profit of 35.46 billion yuan for the first half of the year, up 6.7 percent year-on-year, according to a statement filed to the Shanghai Stock Exchange.

»The increase is mostly due to the domestic economic recovery and growing demand of petrochemical products, as well as the price hike and expansion in businesses, the statement said.

»The company produced 149 million barrels of crude oil and 201 million cubic feet natural gas, a gain of 40.7 percent from a year ago.