Profit slips at Sinopec

Financial markets 1

30 October 2014, News Wires – Net profit at Chinese refining giant Sinopec slipped in the third quarter in part due to a fall in global crude oil priced, according to a report.

Slowing Chinese demand and weaker refining profits were also behind the 12% year-on-year drop in earnings, Reuters reported, citing an announcement not yet made in English by the state player.

Net profit fell from 22 billion Chinese yuan ($3.6 billion) to 19.3 billion yuan, Reuters reported, adding that this was still well above an average estimate of a number of analysts it had polled.


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