China's five leading petrochemical firms posted combined profits of 27.1 billion yuan (3.99 billion U.S. dollars) last month, an increase of 44.8 percent year-on-year, Saturday's China Daily reported.
But the April profits were down from 28.3 billion yuan in March.
The figures are released by the China Petroleum and Chemical Industry Association (CPCIA), which calculated profits from China National Petroleum Corp, China Petrochemical Corp, China National Offshore Oil Corp, Sinochem Corp, and Shaanxi Yanchang Petroleum (Group) Co.
"Although the industry has seen some recovery compared with previous months, the demand is still weak and overcapacity still exists in the sector," the CPCIA said in a statement.
The April revenue from the five companies was 207.7 billion yuan, a decrease of 28 percent year-on-year, said the association.
The April turnover of China's petrochemical industry was 502.9 billion yuan, down by 8.4 percent year-on-year, said the association. However, it saw a 1-percent growth when compared with March.
Domestic oil refining enterprises continued to perform well against relatively low crude prices. China Petrochemical Corp, the country's largest refiner, saw a 48.4-percent growth in profit from a month earlier, according to the CPCIA.
However, Su Shulin, chairman of China Petrochemical Corp's listed arm Sinopec Corp, said on Friday that the company would lose money turning oil into fuel if crude trade above 60 U.S. dollars a barrel and the government prevents it from increasing prices.
Global crude prices are trading above 60 U.S. dollars a barrel in New York and London on Friday, up more than 30 percent since the beginning of this year.
Source:Xinhua
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