China's Sinopec posts 2.6pc rise in first-half profit

BEIJING, Aug 25 (Reuters): China's Sinopec posted a 2.6 per cent rise in net profit for the first half of the year, it said on Sunday, as rising oil prices boosted income.

China Petroleum & Chemical Corp as Sinopec is officially known, reported on Sunday a net income of 37.1 billion yuan ($5.21 billion) for January to June, according to a filing with the Shanghai stock exchange.

Sinopec, the world's largest oil refiner by capacity, saw its sales fall 1.1 per cent to 1.58 trillion yuan.

Meanwhile, production of ethylene, a key building block for petrochemicals, fell 5.5 per cent during the first half.