Sinopec posts 44pc jump in net profit

SHANGHAI: State-owned Chinese energy major Sinopec said 2016 net profit jumped 44 per cent, its first annual profit rise in three years, as strong demand and better margins in its downstream refining business helped offset low oil prices.

Sinopec — a listed unit of China Petrochemical Corp — saw net profit surge to 46.7 billion yuan ($6.8bn), it said in a statement filed late Sunday to the Hong Kong stock exchange, where it is listed.

Asia’s biggest refiner had previously seen profits dive around 30pc in both 2015 and 2014.

Sinopec president Dai Houliang said one reason for the “better-than-expected” results is that “demand for chemicals grew steadily”.—AFP

Samsung to sell refurbished Galaxy Note 7s

SEOUL: Tech giant Samsung Electronics Co Ltd said on Monday it plans to sell refurbished versions of the Galaxy Note 7 smartphones that were pulled from markets due to fire-prone batteries.

The Note 7s were permanently scrapped in October, roughly two months from the launch of the near-$900 devices, as more of the phones self-combusted despite a global recall initiated in September. A subsequent probe found manufacturing problems in batteries supplied by two different companies — Samsung SDI Co Ltd and Amperex Technology Ltd.

Analysis from Samsung and independent researchers found no other problems in the Note 7 devices except the batteries, raising speculation that Samsung will recoup some of its losses by selling refurbished Note 7s. The company estimated a $5.5 billion profit hit over three quarters from the Note 7’s troubles.

Published in Dawn, March 28th, 2017