(MENAFN) Asia's biggest refiner, China Petroleum & Chemical Corp., posted a first-quarter decline driven by lower crude prices and higher exploration costs crimped earnings, Arab News reported.
The Beijing-based company known as Sinopec said that net income decreased to USD2.26 billion in the first quarter ended March 31, from USD2.71 billion a year earlier.
According to a research note from Barclays, the stock risks declined as Sinopec has met only 20 percent of its full-year earnings expectations, which also cited an operating loss in chemicals and lackluster earnings at its core refining business.
The weak performance comes as Sinopec positions itself at the top of China's restructuring of its state-owned enterprises.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.