Arab Today, arab today chinese giant sinopec sees net profit fall
Last Updated : GMT 06:51:55
Arab Today, arab today
Arab Today, arab today

Chinese giant Sinopec sees net profit fall

Arab Today, arab today

Arab Today, arab today Chinese giant Sinopec sees net profit fall

Hong Kong - AFP

Chinese oil giant Sinopec, Asia\'s largest refiner by capacity, announced on Sunday that first-half net profit fell 41 percent year-on-year, reports said. Net profit for the six months ended June 30 was 24.5 billion yuan (3.85 billion US dollars), sharply down from 41.17 billion yuan a year earlier, Dow Jones Newswires and China\'s state Xinhua news agency reported. First-half revenue rose 9.3 percent to 1.348 trillion yuan from 1.233 trillion yuan. The Hong Kong-listed firm attributed the sharp decline in profits to a significant rise in crude oil prices and restricted prices of gasoline and diesel products, Xinhua said. A drop in the prices of petrochemical products also reduced profits, Xinhua quoted the company as saying. State-owned PetroChina, which is also listed in Hong Kong, said Thursday its net profit for the first half of this year fell 6.0 percent year-on-year due in part to a slowdown in China\'s economy.

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