Sinopec reported 7.5 billion USD net profit for 2014

Noam Stiekema

The shares of China Petroleum & Chemical Corp (Sinopec) reported the most significant frustration in his last three months, after the largest refinery in Asia published its weakest annual profit after the collapse of Lehman Brothers in 2008 and the ensuing global financial crisis. The net profit of Sinopec for 2014 dropped to 46.5 billion […]

Sinopec

SinopecThe shares of China Petroleum & Chemical Corp (Sinopec) reported the most significant frustration in his last three months, after the largest refinery in Asia published its weakest annual profit after the collapse of Lehman Brothers in 2008 and the ensuing global financial crisis. The net profit of Sinopec for 2014 dropped to 46.5 billion CNY (7.5 billion USD), or 0.397 CNY per share, compared to 66.1 billion CNY, or 0.53 CNY per share, an year earlier. Level remained significantly below the average forecast of surveyed earlier by Bloomberg analysts for net profit of 53.5 billion CNY.

The sales of Sinopec also retreated from an year earlier, falling by 1.9% to 2.83 trillion CNY. The Chinese company remained under pressure mainly due to the collapse of prices on the international energy markets. Brent crude fell 48% last year, forcing mining companies worldwide cut costs and staffing levels in order to overcome the crisis.

The mining company expects “significant reduction” in profit for the first quarter, which would be “close to break even point” between the low prices and the cost of inventories, Sinopec said in a separate statement. The shares of giant closed session Monday with 1.17% down to 2.53 HKD per share.

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