REG - China Pet &Chem Corp - Estimated Increase in Profit for the 1H 2018

China Petroleum & ChemicalAnnouncement

24/07/2018 10:15

RNS Number : 5818V
China Petroleum & Chemical Corp
24 July 2018
 


 
Estimated Increase in Profit for the first half of 2018
 
 
1.   The Estimated results for the six months ended 30 June 2018
 
(1) The period of estimated results
From 1 January 2018 to 30 June 2018.
 
(2) The estimated results
According to the preliminary calculation of the Financial Department of China Petroleum & Chemical Corporation (the "Company"), the net profit attributable to the equity shareholders of the Company for the six months ended 30 June 2018 under the PRC Accounting Standards for Business Enterprises ("ASBE") represented a significant increase of around 50% as compared with that for the corresponding period of previous year.
 
(3) The above estimated results are not audited by the auditors.
 
2.   Results for the corresponding period of previous year under ASBE
 
(1) Net profit attributable to equity shareholders of the Company: RMB27,092 million.
(2) Basic earnings per share: RMB0.224
 
3.   Reasons for the estimated increase in profit for the period
 
In the first half of 2018, with the international oil price increased as compared with the corresponding period of pervious year, the upstream business of the Company improved significantly. Meanwhile, the midstream and downstream business of the Company seized the market opportunity and strengthened  structural adjustment and optimisation. The profitability of the Company has showed a year-on year improvement.
 
4.   Other information
 
The above estimated data is only a preliminary calculation. Final financial information in the interim report of the Company for the six months ended 30 June 2018 to be formally published by the Company shall prevail. Investors of the Company are advised to exercise caution when dealing in securities of the Company.
 




 
 


 
 
 
By Order of the Board

China Petroleum & Chemical Corporation

 Huang Wensheng

Vice President and Secretary to the Board of Directors




 
 
Beijing, the PRC,
24 July 2018
 
 
As of the date of this announcement, directors of the Company are: Dai Houliang#, Li Yunpeng* , Ma Yongsheng# , Ling Yiqun# , Liu Zhongyun# , Li Yong* , Tang Min+ , Fan Gang+, Cai Hongbin+, Ng, Kar Ling Johnny+
 
# Executive Director
* Non-executive Director
+ Independent Non-executive Director
 




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