Sinopec, China's second largest oil producer, announced on August 26 that its net profits in the first half of 2007 rose by 65.3 percent from the same period of last year to 34.9 billion yuan (US$4.6 billion). Based on the statistical figures from the Chinese Accounting Standard for Business Enterprises, Sinopec's operating income in the first half was 566.8 billion yuan (US$74.6 billion), representing an increase of 15.4 percent over the same period of the previous year. The company's basic earnings per share is 0.403 yuan, up 65.3 percent from a year ago.
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