Sinopec profit dips to lowest since '08

Hong Kong

CHINA Petroleum & Chemical Corp posted the lowest annual profit since the global financial crisis in 2008 as slumping crude oil prices took a toll on Asia's biggest refiner. Net income for 2014 at the company known as Sinopec dropped to 46.5 billion yuan (S$10.3 billion), or 0.397 yuan a share, from 66.1 billion yuan, or 0.53 yuan a share, a year earlier, according to a statement to the Shanghai stock exchange. That compares with a 53.5 billion yuan mean of 23 analyst estimates compiled by Bloomberg. Sales were 2.83 trillion yuan.

Brent, a benchmark for half of the world's crude trading, dropped 48 per cent last year, forcing explorers worldwide to pare investment and lay off workers to reduce costs. BLOOMBERG