Sinopec Gained Profit Above All Expectations

The Chinese largest oil company, Sinopec Corp., announced its first-half net profit increased by more than half. The Company says this may happen because of strong domestic demand.
Sinopec said on Thursday, that the profit forecast was based on mainland accounting standards.
"There was a strong increase in the domestic demand for refined oil and the global chemical industry boom cycle continued," Sinopec said in a statement.
Sinopec shares closed at HK$2.825 in Hong Kong on Wednesday, falling 0.87 percent on the day. The stock has lost about five percent in the past three months.
In the first three months of this year, Sinopec generated about 70 percent of its earnings before interest and tax from downstream operations.
Sinopec reported about a 24.8 percent rise in first-quarter profits as its refining and chemical businesses cashed in on China's robust economic growth.