Two H-share companies - Zhenhai Refinery and Chemical Co and Dongfang Electric Machinery Co - turned in contrasting performances in the six months to June. Zhenhai Refinery said profit rose 10 per cent to 282.27 million yuan (about HK$262.53 million), from 256.52 million last year, on the back of rising output and robust sales. Dongfang Electrical Machinery Co saw profit drop 8.27 per cent. Turnover at Zhenhai rose 38.1 per cent to 4.26 billion yuan, from 3.08 billion yuan a year earlier. Earnings per share were 0.12 yuan, against 0.11 yuan in the corresponding period. An interim dividend of 0.02 yuan will be paid, the same as the previous year. ING Barings Securities' senior analyst in Shanghai, Alex Conroy, said the company was on track to achieve its full-year profit target. 'The profit is exactly on target. We are looking for 577 million yuan for the full year,' she said. ' So the interim is just a bit less than half of that.' The company said sales volume of petrol doubled due to increased prices in the international market, while that of diesel jumped 39 per cent. Zhenhai is vulnerable to price fluctuations as it sources 80 per cent of crude from imports and Chinese offshore oil at international prices. The remainder is bought domestically at lower prices. Net profit at Dongfang Electric, one of the country's largest power equipment-makers, stood at 28.35 million yuan, down 8.27 per cent from 30.91 million yuan in the first half last year. That translates into per-share earnings of 0.06 yuan, down from 0.08 yuan. Sales surged 22.7 per cent to 251.7 million yuan, from 205 million yuan in the same period last year. No interim dividend will be paid.
