China's Sinopec net profit up 7.5 percent in H1

(MENAFN) Sinopec, China's oil giant, announced posting an increase of its net profit of 7.5 percent in the first six months of the year, despite weak domestic demand, Gulf Daily News reported.

Asia's largest refiner by capacity said its net profit for the January-June period of 2014 reached USD5.29 billion, up from USD4.9 billion from the same period last year.

However, its revenue dropped 4.2 percent to USD 220.65 billion from USD 230.38 billion over a year earlier, while its operating profit was up 11.8 percent on-year to USD8.48 billion.

"In the first half of 2014, China's economy maintained its moderate growth while the growth rate of domestic demand for oil products slowed, with petrochemical product prices declining," the firm said.