Sinopec earnings jump 44pc

SHANGHAI: State-owned energy giant Sinopec said last year’s net profit jumped 44 per cent, its first annual profit rise in three years, as strong demand and better margins in its downstream refining business helped offset low oil prices. Sinopec, a listed unit of China Petrochemical Corp, said net profit surge to 46.7 billion yuan (RM30 billion). It also forecast profit would increase in the first quarter of this year.