Chinese firm Sinopec said its profits have increased by 40% in the first quarter of 2010.
The company's net income in the first quarter of 2010 rose to CNY15.79bn ($2.3bn) from CNY11.28bn ($1.65bn) during the same period in 2009.
Sinopec's first quarter operating income has doubled to CNY438.2bn ($64.18bn) due to higher product prices.
Due to the increasing demand for oil and chemicals products, the company processed 20% more crude oil into oil products in the first quarter. In addition, its fuel sales rose 24% in the first quarter to 32.8 million metric tons with a five times increase in fuel prices.
The company's ethylene production also increased 36% in the first quarter to 2.03 million tons.
