In accordance with the PRC Accounting Standards for Business Enterprises ("ASBE"), the Company's operating income decreased by 31.2% year on year to RMB 228,585 million in the first quarter of 2009. Net profit attributed to equity shareholders of the parent company increased by 84.7% year on year to RMB 11,190 million. Earnings per share were RMB 0.129.

In accordance with International Financial Reporting Standards (IFRS), the Company's operating income and other income decreased by 31.2% year on year to RMB 228,585 million in the first quarter of 2009. Net profit for the period attributed to equity shareholders of the Company increased by 85.1% year on year to RMB 11,219 million. Earnings per share were RMB 0.129.

Dai Houliang, senior vice president and chief financial officer of Sinopec said, "In the first quarter 2009, the company achieved profits in all the segments. Under the government's new pricing mechanism for refined oil products and tax reform, we have fully utilized our advantages in production scale, cost control, structurally integrated operations and management, and turned the refining segment into a major profit generator for the company. In addition, the chemical segment has greatly improved its profitability, due to a month by month rise in domestic demand for oil and refined products on the back of the government's economic stimulus plan."

"The company optimized its debt structure and improved its cash flow in the first quarter of 2009.