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Sinopec reports losses in Q1

2020-5-6 13:55

 

BEIJING, May 6 (Xinhua) -- China Petrochemical Corporation (Sinopec), China's largest oil refiner, reported a loss of 19.78 billion yuan (about 2.8 billion U.S. dollars) in the first quarter.

This represents a 234 percent decrease year on year in net profits, the company said in a report filed with the Shanghai Stock Exchange.

Revenue decreased 22.6 percent to nearly 556 billion yuan, according to the company.

Sinopec attributed the disappointing performance to losses from its stock of high-priced crude oil and the fall of oil and chemical products consumption due to the COVID-19 epidemic.

With economic activities gradually recovering, the petroleum and petrochemical market is warming up, and high-priced crude oil stocks are gradually being depleted, it said.

 

北京,5月6日(新华)——中国最大的炼油企业中国石油化工集团公司(Sinopec)报告第一季度亏损197.8亿元(约28亿美元)。


该公司在提交给上海证券交易所的一份报告中表示,这意味着净利润同比下降234%。


据该公司称,收入下降22.6%,至近5560亿元。


中石化将业绩不佳归因于高价原油库存的损失,以及covid19疫情导致的石油和化工产品消费下降。


报告称,随着经济活动逐渐复苏,石油和石化市场正在升温,高价原油库存正在逐渐枯竭。

 

来自: xinhua