China Petroleum & Chemical Corporation (Sinopec) has reported 4.1 growth in its operating income to RMB 576.9 billion during its first quarter (Q1) FY21 ended on March 31, 2021, compared to RMB 554.5 billion in the same period prior fiscal. EBIT (earnings before interest and taxes) for the quarter rose to RMB 33.0 billion (Q1 FY20: loss RMB 25.9 billion).
China Petroleum & Chemical Corporation (Sinopec) has reported 4.1 growth in its operating income to RMB 576.9 billion during its first quarter (Q1) FY21 ended on March 31, 2021, compared to RMB 554.5 billion in the same period prior fiscal. EBIT (earnings before interest and taxes) for the quarter rose to RMB 33.0 billion (Q1 FY20: loss RMB 25.9 billion).#
“The company strengthened research on market needs, dynamically optimised facilities and product chain, optimised maintenance schedule, and realised an optimal operation of producing units and utilisation rate,” the company stated in a press release.
China Petroleum & Chemical Corporation (Sinopec) has reported 4.1 growth in its operating income to RMB 576.9 billion during its first quarter (Q1) FY21 ended on March 31, 2021, compared to RMB 554.5 billion in the same period prior fiscal. EBIT (earnings before interest and taxes) for the quarter rose to RMB 33.0 billion (Q1 FY20: loss RMB 25.9 billion).#
“We integrated production with marketing, further fine-tuned chemical feedstock mix and product slate, increased production of acrylonitrile, BDO and other high profitable products, and continuously increased the ratio of high value-added and high-end products with the ratio of high value-added products of synthetic fibre reaching 33.6 per cent, up by 0.6 percentage point,” the company added.
China Petroleum & Chemical Corporation (Sinopec) has reported 4.1 growth in its operating income to RMB 576.9 billion during its first quarter (Q1) FY21 ended on March 31, 2021, compared to RMB 554.5 billion in the same period prior fiscal. EBIT (earnings before interest and taxes) for the quarter rose to RMB 33.0 billion (Q1 FY20: loss RMB 25.9 billion).#
In Q1 FY21, Sinopec's ethylene production grew 11.7 per cent YoY to 3.3 million tonnes, and the total chemical sales volume surged 10.5 per cent to 19.84 million tonnes.
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