Sinopec First-Half Profit Slumps on Lower Oil Prices

Sinopec posted a slump in first-half profit as declining oil prices, lower output of some products, and weaker margins combined to hurt China’s biggest refiner.

Net income fell 36% to 23.75 billion yuan ($3.3 billion) in the six months through June, according to a filing. The company, which is also known as China Petroleum & Chemical Corp., had previously guided investors that profits were set to fall.