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Sinopec's 2011 net profit up 1.4%

Mar. 26, 2012 (China Knowledge) - Sinopec<600028><386>, Asia's largest oil refiner, announced yesterday that its net profit climbed 1.4% year on year to RMB 71.70 billion last year.

Basic earnings per share were RMB 0.827 in 2011, and the company proposed a final dividend of RMB 0.2 per share, taking its total dividend for 2011 to RMB 0.3 per share.

The oil refiner's operating revenue jumped 31.0% year on year to nearly RMB 2.51 trillion in 2011, of which RMB 1.53 trillion or 60.9% was from sales oil products.

Sinopec on Friday received the approval from the China Securities Regulatory Commission to issue RMB 30 billion of bonds that could be converted into Shanghai-listed A shares.

The company said earlier that the convertible bonds have a maturity of six years with a coupon rate of up to 3%.

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