China’s oil refining industry, led by China Petroleum & Chemical Corp., posted a net profit of 67.1 billion yuan ($9.8 billion) in the first eight months of this year as the government eased control on fuel prices.

The earnings compared with a net loss of 118.2 billion yuan a year
earlier, the National Development and Reform Commission said in a
statement on its Web site today.

China has adjusted its gasoline and diesel prices seven times this year
under a system introduced in December that keeps oil-product prices in
line with global crude costs and ensures refiners a profit. The policy
shift helped the nation’s biggest oil refiner Sinopec, as China
Petroleum is known, end at least four years of refining losses.

Sinopec is scheduled to report earnings later today.

The country’s oil and gas exploration companies posted a profit of
109.9 billion yuan between January and August, a decline of 69 percent,
according to the commission. Coal companies’ eighth-month profit fell
12 percent to 122.8 billion yuan, it said.

Profit at China’s power generation companies rose 37 percent to 56.2
billion yuan while electricity distributors incurred a net loss of 4.39
billion yuan, the nation’s top economic policy planner said.

PetroChina Co. is the nation’s biggest oil and gas explorer and China
Shenhua Energy Co. is the nation’s top coal producer. Datang
International Power Generation Co. and Huaneng Power International Inc.
are China’s biggest power generators.

Source: Bloomberg

Search to find what you want

• China Refining, Coking Industry Swings to Profit

    China’s refining and coking industry swung to a profit of 71.2 billion yuan ($10.4 billion) in the first eight months from a loss of 94.2 billion yuan a year earlier, the Chinese government said. The oil and gas exploration industry had a profit decline of 68.5 percent while the coal mining

• Baoshan Steel shares gain after posting 2009 earnings

    Baoshan Iron & Steel Co., China’s biggest steelmaker, advanced after 2009 net income was better than analysts had predicted.

• Profit in China steel companies to take 20 billion yuan in July

     Chinese steel mills’ profit in July is expected to exceed 20 billion yuan (2.93 billion U.S. dollars), as the monthly growth of steel prices rose to an eight-year high, analysts said Monday.  Steel prices jumped in July, prompting profit in steel enterprises to expand, according to Xu Xiangchun, chief analyst with

• Chalco Q3 net profit drops 87.7 percent compared to the same month last year

    Chalco, the listed arm of China’s top aluminum producer Chinalco, announced on Tuesday that its net profit in the third quarter had tumbled 87.7 percent from the same period last year mainly due to the drop of its sales prices.

• China Shipbuilding to raise $ 1.8 billion in A-shares listing

    China Shipbuilding Industry Co , the country’s largest ship equipment maker, will raise 12.3 billion yuan ($1.76 billion) to 14.7 billion yuan in an A-share listing, the firm said in a statement on Friday. China Shipbuilding Industry will issue about 2 billion shares to be priced from 6.15 yuan to

• Shenhua says first half profit up 14%

    China Shenhua Energy Co, the country’s biggest coal producer, says its first-half net profit rose 14 per cent from a year earlier as its output and sales surged despite the fallout from the global economic crisis. The Beijing-based company said its net profit in January-June was 16.9 billion yuan ($A2.98 billion),

• China s steel mills profits by 9 percent in October, mom

    China’s 70 medium and large-sized steel plants together achieved profits of 6.7 billion yuan in October, 9 percent more than the previous month, according to the China Iron and Steel Association (CISA). However, among these enterprises, 20 percent incurred losses, compared with 14.29 percent in September. In the first 10

• China Shipping Development Profit Drops 81% as a bulk prices slump

    China Shipping Development Co., the dry-bulk arm of the nation’s second-biggest shipping group, reported an 81 percent drop in third-quarter profit as rising overcapacity hammered commodity-shipping rates. Net income declined 81 percent to 292 million yuan ($43 million), or 0.0858 yuan per share, the company said in a statement today.

• China Petrochemical baseline rise in 2010

    Output value of China’s petroleum and petrochemical industry this year is expected to soar between 13% and 15% year on year.

• Chalco forecasts loss from 2009 aluminum prices and demand

    Aluminum Corp. of China Ltd., the nation’s biggest producer, said it expects to post a loss for the year ended Dec.

• Hebei Steel expects that the net profit by 60% -80% in 2009

    Hebei Steel estimated that the net profit was 470mln-940mln yuan in 2009, down 60%-80% year on year. The decreasing of the performance in 2009 was mainly due to the larger steel price decline than the raw materials. Heibei Steel announced on February 6 that the company expects that the net

• China s major shipyards CSIC posts 18.5 percent profit increase in 2009

    One of China’s two leading State-owned shipbuilders, China Shipbuilding Industry Corporation (CSIC), said Sunday that its profit in 2009 jumped 18.5 percent to 7.39 billion yuan (1.1 billion U.S. dollars). The Beijing-based conglomerate, which consists nearly 50 industrial subsidiaries and about 30 R&D institutes in northern China, also said its

• Baoshan Steel 2009 Net Income Falls 11 percent

    Baoshan Iron & Steel Co., China’s largest steelmaker, said its 2009 net income fell 11 percent from a year earlier. Net income dropped to 5.75 billion yuan ($842 million), the Shanghai-based company said in a preliminary earnings statement on the city’s stock exchange, without giving reasons

• Baoshan Steel posts highest profit in five quarters

    Baoshan Iron & Steel Co., China’s biggest steelmaker, posted its highest profit in five quarters on lower costs and as a government stimulus package bolstered demand from makers of automobiles and appliances. Net income rose 6.7 percent to 3.04 billion yuan ($445 million), or 0.17 yuan a share, for the

• Chinas major shipyards CSIC posts 18.5 percent profit increase in 2009

    One of China’s two leading State-owned shipbuilders, China Shipbuilding Industry Corporation (CSIC), said Sunday that its profit in 2009 jumped 18.5 percent to 7.39 billion yuan (1.1 billion U.S. dollars). The Beijing-based conglomerate, which consists nearly 50 industrial subsidiaries and about 30 R&D institutes in northern China, also said its