Sinopec Profit Falls to Lowest Since Lehman Collapse in 2008
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China Petroleum & Chemical Corp. shares slumped the most in over three months after Asia’s biggest refiner posted its lowest annual profit since the 2008 collapse of Lehman Brothers Inc. sparked the global financial crisis.
Net income in 2014 for the company known as Sinopec dropped to 46.5 billion yuan ($7.5 billion), or 0.397 yuan a share, from 66.1 billion yuan, or 0.53 yuan, a year earlier, according to a statement to the Shanghai stock exchange yesterday. That compares with a mean of 53.5 billion yuan from 23 analyst estimates compiled by Bloomberg. Sales were 2.83 trillion yuan, down 1.9 percent.