Sinopec reports losses in Q1

Xinhua News,BEIJING
2020-05-06 11:16

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BEIJING, May 6 (Xinhua) -- China Petrochemical Corporation (Sinopec), China's largest oil refiner, reported a loss of 19.78 billion yuan (about 2.8 billion U.S. dollars) in the first quarter.

This represents a 234 percent decrease year on year in net profits, the company said in a report filed with the Shanghai Stock Exchange.

Revenue decreased 22.6 percent to nearly 556 billion yuan, according to the company.

Sinopec attributed the disappointing performance to losses from its stock of high-priced crude oil and the fall of oil and chemical products consumption due to the COVID-19 epidemic.

With economic activities gradually recovering, the petroleum and petrochemical market is warming up, and high-priced crude oil stocks are gradually being depleted, it said.
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