Sinopec quarterly profit falls 39%, annual loss possible

NEW YORK (MarketWatch) — Oil refiner China Petroleum & Chemical Corp., better known as Sinopec , posted a 39% fall in third-quarter earnings as higher crude prices pushed its refining business deep into the red, Reuters reported Wednesday. The company also said it could post a loss for the whole of 2008. Sinopec said its net profit came to 8.17 billion yuan ($1.2 billion) from July to September, versus a revised 13.41 billion yuan a year earlier, according to the report.
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Original post by Forextvblog

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