Sinopec Engineering sees profits rise sharply

Sinopec Engineering Group Co Ltd saw annual profit growth of 10.8 percent during the first half of the year to 2.21 billion yuan ($361 million), a statement from the company said.

The group saw revenue of 19.65 billion yuan from January to June, up 16.3 percent year-on-year.

The value of new contracts came to 45 billion yuan in the first half - nearly 2.5 times that for the same period in 2012.

Earnings per share hit 0.66 yuan. An interim dividend of 0.134 yuan per share was proposed.

Revenue from engineering, consulting and licensing operations surged 34.9 percent year-on-year.

The majority of revenue, more than 80 percent, came from projects on the Chinese mainland with the remainder from projects in Kazakhstan, Saudi Arabia and Singapore.