Sinopec, a petroleum and petrochemical enterprise group, posted decrease in its turnover and other operating revenues to RMB 1,554.6 billion in the third quarter (Q3) FY20 ended on September 30, compared to RMB 2,233.3 billion in same period last fiscal. EBIT (earnings before interest and taxes) reported loss of RMB 45.5 billion (Q3 FY19: RMB 77.2 billion).
Sinopec, a petroleum and petrochemical enterprise group, posted decrease in its turnover and other operating revenues to RMB 1,554.6 billion in the third quarter (Q3) FY20 ended on September 30, compared to RMB 2,233.3 billion in same period last fiscal. EBIT (earnings before interest and taxes) reported loss of RMB 45.5 billion (Q3 FY19: RMB 77.2 billion).#
Group’s operating profit for the nine-month period dropped to RMB 37.7 billion (RMB 68.5 billion). Net profit slipped to RMB 31.0 billion (RMB 54.4 billion).
Sinopec, a petroleum and petrochemical enterprise group, posted decrease in its turnover and other operating revenues to RMB 1,554.6 billion in the third quarter (Q3) FY20 ended on September 30, compared to RMB 2,233.3 billion in same period last fiscal. EBIT (earnings before interest and taxes) reported loss of RMB 45.5 billion (Q3 FY19: RMB 77.2 billion).#
According to company’s press release, the company fine-tuned chemical feedstock mix to further lower costs, optimised operation and product slate, increased the ratio of high value-added products with the ratio of new and specialty synthetic resin reaching 68.6 per cent and ratio of high value-added synthetic rubber reaching 31.3 per cent.
Sinopec, a petroleum and petrochemical enterprise group, posted decrease in its turnover and other operating revenues to RMB 1,554.6 billion in the third quarter (Q3) FY20 ended on September 30, compared to RMB 2,233.3 billion in same period last fiscal. EBIT (earnings before interest and taxes) reported loss of RMB 45.5 billion (Q3 FY19: RMB 77.2 billion).#
In the reported period, Sinopec accelerated expanding high-end products market, such as medical resin, antibacterial materials and automotive material etc and optimised layout and logistics operation to enhance profitability of business chain. In Q3 FY20, the total chemical sales volume was RMB 22.33 million tonnes, up by 0.86 per cent quarter on quarter.
Fibre2Fashion News Desk (JL)
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