China Petroleum and Chemical: 30% Drop in Q4 Net Profit

Reuters reported that China Petroleum and Chemical Corp (NYSE:SNP) announced a 30 percent drop in fourth-quarter net profit.

As quoted in the market news:

Sinopec (600028.SS) (SNP.N), Asia’s largest refiner, saw heavy refining losses last year as increases in domestic prices for oil products failed to keep pace with strong rises in international crude prices, and analysts said its earnings would still largely hinge on international oil prices.

Click here to read the full Reuters report.