Sinopec profit drops 22% as oil slide outweighs higher refining

[HONG KONG] China Petroleum & Chemical Corp, Asia's biggest oil refiner, posted a 22 per cent decline in profit for the first half of the year as the slump in prices outweighed the benefit of cheaper crude to its refining business.

Net income dropped to 25.4 billion yuan (S$5.6 billion), or 0.21 yuan a share, from 32.5 billion yuan, or 0.28 yuan, a year earlier, the Beijing-based company, known as Sinopec, said in a statement to the Hong Kong stock exchange on Wednesday.

BLOOMBERG