Sinopec reports 18.5b yuan net

China Petroleum & Chemical Corp (0386) posted a net profit of 18.54 billion yuan (HK$22.19 billion) for the first quarter, compared with a loss of 19.23 billion yuan a year ago.

Basic earnings per share were 15.3 fen. Operating profit was 28.7 billion yuan in the first quarter as compared to a loss of 26.43 billion yuan a year ago.

The spot price of Platt’s Brent for the first quarter averaged US$60.9 per barrel, up by 21.2 percent year on year.

Shares of Sinopec slid by 0.77 percent to HK$3.89 today.