China Petroleum's Earnings Almost Double

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Vertically integrated energy and chemical company China Petroleum & Chemical Corp., also known as Sinopec Corp.(SNP Quote), reported on March 30, 2009 that its Q4 FY08 earnings almost doubled to Renminbi (RMB) 13.35 billion from RMB6.75 billion in the prior year's quarter.

The company's turnover, including other operating revenue and income, for the latest fourth quarter declined 8.3% to RMB309.94 billion from RMB337.86 billion in the year-ago quarter. Looking at the company's business segments, crude oil production in the Exploration and Production segment increased marginally to 74.36 million barrels (Bbls) from 73.80 million Bbls. However, the Marketing and Distribution segment's domestic sales of refined oil products declined 8.6% to 28.17 million tons from 30.82 million tons a year ago. The Chemicals segment's output of synthetic resins dropped 6.0% to 2.30 million tons from 2.44 million tons in Q4 FY07. ...