HONG KONG (dpa-AFX) - China Petroleum and Chemical Corp. or Sinopec Group (SNPMF.OB, SNP) on Monday reported a 25 percent decline in first-quarter profit, impacted by lower revenues. The Group also announced a capital increase agreement with Sinopec Capital.
The Chinese oil and gas company posted profit attributable to shareholders on IFRS basis of RMB 13.98 billion or RMB 0.115 per share in the first quarter, down from RMB 18.72 billion or RMB 0.156 per share in the same period last year.
During the three-month period, operating profit came in at RMB 20.90 billion, down 23.5 percent from last year's RMB 27.30 billion.
The company's quarterly revenues declined 7 percent to RMB 735.36 billion from RMB 789.97 billion in the prior-year period.
Separately, the company's Board announced that it had entered into a Capital Increase Agreement with Sinopec Capital. Through a capital injection of RMB 1.99 billion, Sinopec Capital will increase its registered capital to RMB 11.99 billion from RMB 10.0 billion.
The company will contribute RMB 975.1 million in cash, while Sinopec Group will contribute RMB 1.01 billion. Following the capital increase, the company and Sinopec Group will maintain their existing equity interests of 49 percent and 51 percent, respectively.
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