Sinopec Interims Beat Expectations; Cost Cuts and Robust Downstream Margins Help
Sinopec’s first-half 2016 net profit of CNY 19.9 billion beat market expectations, with cost cuts containing upstream oil and gas losses, while downstream contributions were robust. Interim profit made up 76% of our original full-year forecast, despite in-line revenue. Sinopec has lowered full-year oil and gas output guidance, while capital expenditure for the period was just CNY 13.7 billion, well short of the firm's full-year target of CNY 100.4 billion. In addition to adjustments in our cost ...
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