One of China's three major state-owned oil companies, Sinopec Corp, seems to have somehow managed to get some fair profit as it confirmed to get 2% hike in its 2011 profit today. Sinopec Corp. though has been battling with government price controls measures, managed to get a fair rise in the profit.

It has been known that the government has been trying measuring to ensure that the high cost of crude is bear by the companies itself, and this is what has marred the future of the companies of lately.

Confirming the same, the company claimed that its profit moved up to 73.2 billion yuan ($11.8 billion), or 0.84 yuan (13 U. S. cents) per share, while the revenues were seen moving up by 31% from the last year value.

The company is said to have bear a total operating loss of 35.8 billion yuan ($5.8 billion) owing to dual attack of global crude price surge and consistent price controls imposed on refined oil products in domestic markets.

There are fair chances that the demand for refined products and chemicals would face a dip in 2012 and this is likely to affect the economic growth of the country.

While China’s economic growth slowed to 8.9% in the final quarter of 2011, it would be worth seeing how it is going to perform in the time to come.