Sinopec Q1 net up 84.7 pct as refining in black

Top Asian oil refiner Sinopec Corp (0386.HK)(SNP.N)(600028.SS) posted an 84.7 percent rise in first-quarter earnings from a year earlier as government reforms allowed it to reverse losses in its oil refining business.

Sinopec posted a net attributable to the listed company’s investors of 11.19 billion yuan ($1.64 billion) in the first quarter of this year and forecast that its net earnings would rise at least 50 percent in the first half in a filing to the Hong Kong stock exchange late on Tuesday.

“China has implemented oil product and tax reforms this year, allowing domestic refining business to reverse multi-year losses,” Sinopec said in the filing.

“The scale, cost and management advantages of Sinopec’s refining business have thus been fully displayed and have become an important pillar of the company’s earnings.” ($1=6.83 Yuan)