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China’s Sinopec’s net income slumps in 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/03/2015 (11:30)
According to media reports, China’s state owned Sinopec’s net profit slumped in 2014 due to lower crude prices and inventory losses. The company’s net income dipped 29.6% to 46.5 billion Yuan ($7.5 billion) from 66.1 billion Yuan ($10.7 billion) in the previous year.

Analysts commented that Sinopec’s profit may see further decreases this year if crude oil prices remain weak, with the company’s first quarter profits expected to fall close to the break-even point. The company is reportedly planning to cut their 2015 capital spending to 135.9 billion Yuan ($21.8 billion) from 154.6 billion Yuan ($24.8 billion) in 2014.

Meanwhile, the company expects their crude production to decline 4% to 348 million barrels in 2015.
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