[ET Net News Agency, 22 March 2021] Sinopec Oilfield Service Corporation (01033) said
it is expected that the net profit attributable to equity shareholders of the company will
be approximately RMB156 million for the first quarter of 2021, as compared to the loss of
RMB182.31 million of the same period last year.
Since January 2021, the international crude oil price continues to rise, which promoted
the steady recovery of oilfield services market. Affected by this, the utilization rate of
teams of the company has been increasing, and the work volume of major segments and
operating income of the company have increased significantly as compared with the
corresponding period of the previous year. Meanwhile, the company actively coordinated
resource allocation, optimized market layout and strengthened project management and cost
control, resulting in significant improvement in the gross profit margin of the principal
business of the company as compared with the corresponding period of the previous year.
In the first quarter of 2021, the non-recurring profit and loss of the company is
expected to increase the net profit attributable to the equity shareholders of the company
by approximately RMB22 million, mainly due to government subsidies and gains from debt
restructuring. (RC)