Sinopec Reports 12% Rise In First-Half Net Profit

China Petroleum & Chemical Corp (NYSE: SNP), or Sinopec, reported a 12% rise in its first-half net profit.

Sinopec's net profit for the period rose to CNY41.17 billion (US$6.44 billion), from CNY36.80 billion, in the year-ago period, according to international accounting standards. However, analysts were expecting a net profit of CNY31.0 billion. Its first-half revenue climbed 32% to CNY1233.3 billion from CNY937.7 billion.

Sinopec shares gained 1.06% to close at $91.19 on Friday.