Sinopec's Net Profit Declined on Higher Costs
By Kimberley Kao
China Petroleum & Chemical's first-quarter net profit fell 8.9% on year on rising raw material costs.
Net profit for the quarter ended March was 18.32 billion yuan ($2.53 billion), while revenue fell 0.2% on year to CNY789.97 billion, the Chinese state-owned oil-and-gas major, also known as Sinopec, said Sunday.
Total capital expenditure of CNY20.5 billion was mainly for crude and natural gas production gas building, it said.
Sinopec said while domestic demand for refined oil products and natural gas grew in the quarter, the margins for chemical products were low, due to surplus production capacity and rising input prices.
Sinopec also said it will continue its share buyback plans. The company has been repurchasing its A and H shares since November 2023.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
April 28, 2024 21:26 ET (01:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
4 Wide-Moat Stocks to Buy for the Long Term While They’re Undervalued Today
-
Markets Brief: Four Stocks Made Up 80% of the Gains. Can It Last?
-
Is It Time to Ditch Your Money Market Fund for Longer-Term Bonds?
-
What’s Happening In the Markets This Week
-
4 Reasons Why Today’s Stock Market Is Delivering Impressive Performance
-
What Does Nvidia’s Stock Split Mean for Investors?
-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
10 Stocks the Best Fund Managers Have Been Buying
-
GE Aerospace Stock Has Skyrocketed 86%. Is It a Buy?
-
2 Undervalued Dividend Stocks the Best Managers Are Buying
-
Tesla: Shareholder Vote Reduces Key Person Risk
-
After Earnings, Is CrowdStrike Stock a Buy, a Sell, or Fairly Valued?
-
Adobe’s Strong Quarterly Results Drive Share Gains
-
What Does Broadcom’s Stock Split Mean for Investors?
-
5 Ultracheap Stocks to Buy With the Best Returns on Investment