Sinopec's H1 profit at lowest since 2008
Source: Bloomberg News |
August 27, 2012, Monday
|
Print Edition
Print Edition
CHINA Petroleum & Chemical Corp, Asia's biggest refiner, posted its lowest half-yearly profit since 2008 after the sale of fuels at state-controlled prices cut earnings.
Net income fell 41 percent to 24.5 billion yuan (US$3.9 billion) from 41.17 billion yuan a year earlier, the Beijing-based company known as Sinopec said in a filing to the Shanghai Stock Exchange yesterday. The result beat a median estimate of seven analysts compiled by Bloomberg News that called for a profit of 22.9 billion yuan.
Sinopec's profit slide follows a drop in earnings for larger rival PetroChina Co, which said it expects fuel-pricing reforms in the second half to help cut losses from refining. Sinopec and parent China Petrochemical Corp have announced over US$40 billion in deals to acquire assets globally since 2009 to build up oil and gas production and diversify from refining.
PetroChina's profit dropped 6 percent to 62 billion yuan, while CNOOC Ltd, China's biggest offshore oil and gas explorer with no exposure to refining, said that net income declined 19 percent.
Net income fell 41 percent to 24.5 billion yuan (US$3.9 billion) from 41.17 billion yuan a year earlier, the Beijing-based company known as Sinopec said in a filing to the Shanghai Stock Exchange yesterday. The result beat a median estimate of seven analysts compiled by Bloomberg News that called for a profit of 22.9 billion yuan.
Sinopec's profit slide follows a drop in earnings for larger rival PetroChina Co, which said it expects fuel-pricing reforms in the second half to help cut losses from refining. Sinopec and parent China Petrochemical Corp have announced over US$40 billion in deals to acquire assets globally since 2009 to build up oil and gas production and diversify from refining.
PetroChina's profit dropped 6 percent to 62 billion yuan, while CNOOC Ltd, China's biggest offshore oil and gas explorer with no exposure to refining, said that net income declined 19 percent.
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