BLOOMBERG.COM
China Petroleum & Chemical Corp. earnings beat analyst estimates as profit from turning crude oil into fuels offset the plunge in energy prices and more than $1 billion in writedowns by Asia’s biggest refiner. Net income last year fell 30 percent to 32.4 billion yuan ($5 billion) from 46.5 billion yuan, according to a statement to the Shanghai stock exchange. That compares with a 29.97 billion yuan mean of 19 analyst estimates compiled by Bloomberg. The company reported impairments of 8.8 billion yuan. Sales dropped 29 percent to 2.02 trillion yuan.
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China Petroleum & Chemical Corp. earnings beat analyst estimates as profit from turning crude oil into fuels offset the plunge in energy prices and more than $1 billion in writedowns by Asia’s biggest refiner. Net income last year fell 30 percent to 32.4 billion yuan ($5 billion) from 46.5 billion yuan, according to a statement to the Shanghai stock exchange. That compares with a 29.97 billion yuan mean of 19 analyst estimates compiled by Bloomberg. The company reported impairments of 8.8 billion yuan. Sales dropped 29 percent to 2.02 trillion yuan.
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