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Chinese Sinopec net profit down 29.7 percent in 2014
(MENAFN) Chinese energy giant Sinopec said net profit slumped 29.7 percent in 2014, blaming a drop in global crude oil prices and issuing a first-quarter profit warning, The Peninsula Qatar reported.
Net profit for the full year of 2014 amounted to USD7.56 billion, down from USD10.77 billion registered a year earlier, it said in a statement to the Hong Kong stock exchange.
"International crude oil prices fluctuated at a high level in the first half of the year and plunged in the second half with a precipitous drop in the fourth quarter," the company said.
Net profit for the full year of 2014 amounted to USD7.56 billion, down from USD10.77 billion registered a year earlier, it said in a statement to the Hong Kong stock exchange.
"International crude oil prices fluctuated at a high level in the first half of the year and plunged in the second half with a precipitous drop in the fourth quarter," the company said.
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