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China's Sinopec says expects to post 150 pct rise in Q1 profit
March 26, 2017 / 11:54 AM / in 9 months

China's Sinopec says expects to post 150 pct rise in Q1 profit

HONG KONG, March 26 (Reuters) - China Petroleum and Chemical Corp said on Sunday it expected to report a rise of about 150 percent in its first-quarter profit thanks to an increase in international crude prices.

The state-owned company, known as Sinopec Corp, reported a net profit of 6.19 billion yuan for the first three months of 2016.

Earlier on Sunday Sinopec said net profits for the full year rose 44 percent to 46.4 billion yuan ($6.74 billion) on the back of strong performances in refining and chemicals.

Fourth-quarter net profit jumped to 17.25 billion yuan from 9.9 billion yuan in the third quarter, it said in a statement to the Shanghai Stock Exchange. (Reporting By Anne Marie Roantree; Editing by Greg Mahlich)

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