【双语阅读】中石化上半年利润飙升3.3倍

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SINOPEC BENEFITS FROM CHINA PRICING REFORM


By Justine Lau in Hong Kong 2009-08-25


Shares of China Petroleum & Chemical Corporation in Hong Kong jumped as much as 4.9 per cent on Monday after Asia’s biggest oil refiner reported a 333 per cent surge in first-half net profit.

The state-controlled company, known as Sinopec, benefited from China’s oil pricing reform this year which has doubled prices of gasoline and diesel in the first six months. Interim net profit rose to Rmb33.2bn ($4.9bn), compared with Rmb7.7bn a year ago.

Sinopec’s imports the bulk of the crude oil for its refineries at international market prices and sells the refined products to consumers at Beijing-capped prices. Last year, the refining businesses suffered heavy losses because of high crude prices and low fuel prices.

“Since 2009, domestic oil product pricing mechanism reform has turned [the] refining business from loss to profit,” said Sinopec.

Sinopec shares in Hong Kong reached a high of HK$7.26 in early trading but retreated to close 0.72 per cent higher at HK$6.97.

“The earning rebound was sharper than many people thought but I would warn investors to be cautious about the company’s second-half performance because [the] oil price is rising,” said Michael Yuk, analyst at Sun Hung Kai Securities.

Sinopec said earnings for the first three quarters of 2009 were expected to be more than 50 per cent higher compared with the same period last year. The company expected crude oil prices to rise in the second half while domestic demand for refined products would grow steadily.


中石化上半年利润飙升3.3倍


英国《金融时报》刘励和(Justine Lau)香港报道 2009-08-25


亚洲最大的石油炼制商中国石化(Sinopec)公布上半年净利润飙升333%后，其香港股票周一应声上涨4.9%。

这家国有公司受益于中国今年实行的石油定价改革。今年上半年，中国将汽油和柴油价格上调了一倍。中石化中期净利润增至332亿元人民币，远高于去年同期的77亿元。

中石化旗下炼油厂所使用的原油，大部分以国际市场价格进口。但中石化向消费者出售的成品油，却是按北京限定的价格。去年，因原油价格高企而成品油价格较低，炼油企业亏损严重。

“今年以来，国内成品油价格机制的改革，使炼油业务得以扭亏为盈，”中石化表示。

中石化香港股票昨日早段一度涨至7.26港元，但收盘报6.97港元，涨幅为0.72%。

“中石化盈利回升的幅度远超过许多人的预期，但我想提醒投资者，要警惕该公司下半年的表现，因为油价正在上涨，”新鸿基证券(Sun Hung Kai Securities)分析师Michael Yuk表示。

中石化表示，预计今年前三季度盈利将比去年同期增长50%以上。该公司预计，下半年原油价格将出现上涨，而国内成品油需求将平稳增长。



译者/岱嵩