Sinopec Posts Lowest Half-Year Profit Since 2008 on Refining
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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 reduced earnings.
Net income fell 41 percent to 24.5 billion yuan ($3.9 billion) from 41.17 billion yuan a year earlier, the Beijing-based company known as Sinopec said in an exchange filing today. The result beat a median estimate of seven analysts compiled by Bloomberg that called for a profit of 22.9 billion yuan.