China top 5 oil firms April profits up 45% y/y

Total profits for China's top five oil firms in April rose 44.8 percent from a year earlier though their revenue from main businesses dropped 28 percent, local media reported on Friday.
 
Aggregate profits for CNPC, Sinopec (0386.HK), CNOOC, Sinochem and Shannxi Yanchang Petroleum hit 27.142 billion yuan ($4 billion) in April and their total revenue from major businesses reach 207.72 billion yuan, the Shanghai-based National Business Daily said, citing data from the China Petroleum and Chemical Industry Association (CPCIA).
 
It did not specify whether the profit figures were on an after-tax basis. April profits for Sinopec Group, parent of Sinopec Corp (SNP.N)(600028.SS), rose 48.4 percent from a year earlier, the paper said.
 
The growth discrepancy in profits and revenue was due to China's new oil pricing mechanism, which gives refiners larger margins, Feng Shiliang, vice chairman of CPCIA, told the paper.
 
It was less likely for domestic oil demand to jump sharply in the short term, the paper cited CPCIA analysts as saying.
From: Reuters

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