Sinopec rises despite sharp drop in net profit
Print Edition
SHARES of China Petroleum and Chemical Corp rose yesterday despite a 29.4 percent drop in net profit for last year due to a tumble in crude oil price globally.
Sinopec, as the company is also known, said its profit had fallen to 47.43 billion yuan (US$7.63 billion) last year from 67.18 billion yuan in 2013. Revenue shed 1.9 percent year on year to 2.83 trillion yuan.
Its Shanghai-listed shares, however, added 0.31 percent to 6.43 yuan.
China’s largest petroleum refiner attributed the profit decrease to the sharp slump in global oil prices.
“International crude oil prices fluctuated at a high level in the first half of the year and plunged in the second half with a precipitous drop in the fourth quarter,” the company said.
The Chinese government cut its state-set prices for fuel products 11 times in the second half of 2014 as international crude prices plummeted, the company said.
Meanwhile, Sinopec expects its business to break even in the first quarter of this year.
Sinopec plans to invest around 140 billion yuan this year, with a focus in the natural gas sector since this business is much less affected by the tumble in crude oil prices.
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