Sinopec reports 30% slump in net profit
Print Edition
CHINA’S top refiner Sinopec said yesterday that its net profit plunged 30 percent last year as it was hit by the collapse in oil prices, which sent shockwaves through global markets and battered the country’s other industry giants.
The company’s net profit fell to 32.4 billion yuan (US$5 billion) from 46.5 billion yuan in 2014, according to its filing to the Shanghai Stock Exchange.
However, it beat the 29.97 billion yuan average estimate in a survey of analysts by Bloomberg News.
“In 2015, the global economic recovery remained weak,” the company said in the statement, adding that “International oil prices were under downward pressure while fluctuating to new lows.”
Energy firms around the world have taken a heavy hit recently as the price of crude has plunged — to near-13-year lows in February — owing to a supply glut and overproduction.
At the same time, China’s economic growth has slowed significantly.
Sinopec’s revenue in 2015 dropped 28.9 percent year on year to 1.98 billion yuan, it said in the statement.
Two other Chinese oil majors, PetroChina and offshore operator CNOOC, both registered huge falls in net profit last year. The former posted its lowest profit since 1999 with earnings tumbling 66.7 percent year on year to 35.65 billion yuan.
Analysts said Sinopec’s refining business helped cushion it from the impact of lower crude oil prices.
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