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Sinopec’s Q1 net profit slumps on lower crude prices

by ChemOrbis Editorial Team -
  • 30/04/2015 (13:52)
According to media reports, China’s state owned oil company Sinopec’s net profit slumped in the first quarter of the year due to plunging crude oil prices. The company’s net profit was down 84.6% to CNY2.17 billion ($354.58 million) from CNY14.1 billion ($2.27 billion) in the same period of 2014. Sinopec’s business revenue from the oil refining segment was reported at CNY3.36 billion ($541.7 million) for the first quarter.

The company’s oil output declined 2% in the January-March period while its gas production increased 2.1% compared with the same period of last year. The company’s total oil and gas output reportedly reached 118 million barrels of oil and gas equivalent in the first quarter.
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