Sinopec net profit dips over 20%

The Myanmar Times - - International Business -

CHINESE oil gi­ant Sinopec, Asia’s biggest re­finer, saw its first-half net prof­its drop 21.6 per­cent, it said, hit by low oil prices.

The com­pany made 19.92 bil­lion yuan (US$2.98 bil­lion) in the Jan­uary -to-June pe­riod, com­pared with 25.42 bil­lion yuan in the same pe­riod last year, it said in a state­ment.

“In the first half of 2016, in­ter­na­tional crude prices recorded a sharp de­cline from prices in the first half of 2015, and bot­tomed out dur­ing the pe­riod,” the oil gi­ant said.

The sharp de­cline in oil prices over­shad­owed a rise in do­mes­tic de­mand, it added, with do­mes­tic con­sump­tion of oil prod­ucts up by 4.4pc in the pe­riod.

China’s biggest oil pro­ducer Petro China said last week net profit plunged 97.9pc year-on-year in the first half, to 531 mil­lion yuan.

The coun­try’s main off­shore oil and gas pro­ducer CNOOC re­ported a net loss of 7.74 bil­lion yuan in the first six months of the year. –

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