Sinopec Kanton profit falls 9.78%

Sinopec Kanton Holdings<934> released its interim results yesterday with a decrease in net profit of 9.78%.

Net profit fell from HK$96.79 million to HK$87.17 million. Earnings per share, however, increased from HK$6.76 cents to HK$8.41 cents. Although turnover for the group increased 53.22% to HK$10.624 billion costs of sales increased significantly as well, reducing the gross profit margin from 1.96% to 1.5%.

Sinopec Kantons Holdings is an investment holding company in Hong Kong. The company is engaged in trading of crude oil, petroleum and petrochemical products, operating of a crude oil jetty and its ancillary facilities and petrol stations.