"Petrochemical Double-male" profit balance reverse Sinopec's performance growth better than PetroChina

-Reporter Lu Dong with a quarterly curtain falls, PetroChina, Sinopec has also been handed in the previous year in the operation of the answer. The same is facing the current grim economic situation, but "petrochemical double-hung" one-quarter operating results are two days of ice and fire, there is a difference.　　Sinopec has eclipsed Chinese oil, which has fallen by more than 30% per cent year-on-year, by a 84.7% gain in the first March of the year. "It also marks a fundamental reversal of the ' profit balance ' of the traditional two oil giants, with the combination of a fall in international oil prices and the implementation of domestic oil price formation mechanisms. A petrochemical industry researcher told reporters, "if the international oil prices can not rebound in a short period of time, then the two giants will continue to increase the performance of the split." "This view from Sinopec's performance forecasts are also confirmed."　　The company said performance growth in the first half of 2009 will still exceed 50%. China's oil, known as the world's most lucrative company, started to get worse in 2009, apparently due to a loss of international crude prices. With international oil prices breaking through the 50 dollar pass, this will have a positive effect on PetroChina. In this respect, the company's public relations department in charge of the reporter said: "The company has not been on a single month chain indicators have specific statistics, but the operating performance indicators on a monthly improvement, production and operation of smooth operation, maintain a good momentum of development." "Once the" short plate of the refining business is now a booster for a long time, because the Chinese petrochemical business has been biased in the downstream oil refining industry, under the influence of "oil price upside down", the company has always been inferior to China's oil. And with the recent Chinese petrochemical performance growth of 84.7% of the quarterly release, Sinopec and PetroChina's profit gap has finally been completely reversed.　　The result not only left China's oil behind, but also far exceeded the forecast of an earlier net profit growth of more than 50% per cent. According to a quarterly bulletin of Sinopec, China Petrochemical Company in the first quarter to achieve a total shareholder net profit of 11.19 billion yuan, the year-on-year growth of 84.7%.　　By the end of March, the company operating cash flow as high as 55.655 billion yuan, a large increase of 959.1%. The reason for a good start to a big increase in domestic and foreign economic conditions depends entirely on the recovery of the refinery business that has plagued Sinopec for a long time. 2009 years ago, due to the oil price and tax reform, the domestic refining business reversed years of losses.　　The company's refining business scale advantage, cost advantages to give full play to the current business has become an important pillar of corporate profitability. In 2009 1-March, Sinopec refinery plate operating income of 7.328 billion yuan, the same period last year, the index is 20.636 billion yuan loss.　　For the first half of 2009 business, Sinopec is full of confidence, the company expects the first half of 2009 results will be more than 50% year-on-year growth. China oil, originally as a company operating "Kim Yong" oil mining business has become the company this year before the business baggage。 It was the continued decline in international crude prices that directly contributed to the company's first-quarter performance in 2009. The company achieved a net profit of 18.956 billion yuan in March, down 35.3% from 29.305 billion yuan in the same period last year.　　It was estimated that the best profit margin for PetroChina should be around $75-80 trillion in international oil prices, while the company's crude oil was averaging $37.1/barrel in the first quarter of this year, up from $87.93 a year earlier. Some industry researchers told reporters that it is the lower prices of crude oil and refining business, only to make the branch, downstream industry, PetroChina, Sinopec in the first three months of 2009 years, the results of a significant differentiation, but also become the two major oil giants profit "watershed."　　And if international oil prices can not rebound sharply, then the two giants will continue to increase the performance of the split is still a period of time.　　Back to Sinopec, to increase the oil on the investment Morgan exchange The rhythm of the reverse? Despite the drop in China's oil performance, the investment fund, which entered in the fourth quarter of last year, has continued to keep its position. By the end of March, its stake in PetroChina had risen from 20.9434 million in late 2008 to 24.7789 million shares.　　In stark contrast, the fund, which has just bought 49.827 million shares in Sinopec in the four quarter of last year and ranked among the top ten shareholders, has dropped out in the first quarter of this year. Whether Sinopec, which has a big growth in its performance, has increased its performance in the fall of PetroChina, has the operation been a step back? In this respect, there are industry researchers to reporters, on the investment of Morgan Holdings in PetroChina, empty Sinopec if only from the two companies in the first quarter to see, there is a "buy to reduce sales increase" behavior, it is questionable. But Sinopec and PetroChina rebounded by 61.59% and 35.01% per cent, respectively, after a minimum price was created at the end of last year.　　It can be seen that Sinopec's rebound has been far higher than the decline in the performance of PetroChina, so the sell-off of the higher Sinopec is also a profit-taking action Morgan. In addition, recently, the international oil price has been slowly recovering from the trough, the current crude oil prices have jumped 50 yuan, which will play a stabilizing role in PetroChina's performance.　　At this time to increase the position, can also be in the lower price of the chip. Recent stock prices, China's oil unusually eye-catching, with the company to issue 100 billion yuan bonds for overseas mergers and acquisitions, the company's share price recently soared, the Wednesday, the company's increase is more than 6%, for the shares of the year's largest one-day gain, has become the current main capital of the vane.