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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sinopec profits soar in first quarter AFP - Wednesday, April 29 BEIJING (AFP) - - Asia's top oil refiner, China's Sinopec, said net profit soared 85.1 percent in the first quarter, helped by lower global crude prices. ADVERTISEMENT The company's net profit in the first three months of the year totalled 11.2 billion yuan (1.6 billion dollars), it said in a statement to the Hong Kong Stock Exchange on Tuesday. In the first quarter of last year, when global crude oil prices were still surging, Sinopec's net profits had dropped 69 percent, the state-run Xinhua news agency said. The company, which imports over 70 percent of the crude oil that it processes, predicted its net profit for the first half of 2009 would increase by more than 50 percent year-on-year. Global oil prices, which fell below 35 dollars a barrel in December, have hovered around 50 dollars in recent weeks. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Asian markets recover as US data offset flu fearsAP - 1 hour 38 minutes ago Swine flu risk to Singapore recovery: central bankAFP - 2 hours 25 minutes ago Shanghai's one-year countdown to largest Expo everAFP - 2 hours 51 minutes ago China CITIC Bank hopeful on '09, frets on loan bookReuters - 2 hours 56 minutes ago Related Articles: Business India's Bharti Airtel Q4 profit jumps 21 pctAFP - 1 hour 16 minutes ago BRIEF-Aselsan to sign tank upgrade deal with ChileReuters - 1 hour 20 minutes ago China stocks rise over 3 pct, financials strongReuters - 1 hour 24 minutes ago Russia daily c.bank swap limit at 5 bln rblsReuters - 1 hour 25 minutes ago Indian shares extend gains to over 2 pctReuters - 1 hour 26 minutes ago Enlarge Photo Sinopec profits soar in first quarter Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Swine flu spreads economic shivers Deutsche Bank posts strong results GM, Chrysler in moves to avert bankruptcy BP profit tumbles 62% on sliding oil prices 'Golden Girls' Beatrice Arthur, dead at 86 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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