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Sinopec Shares Weighed by Share Placement, Weaker Net Profit

Por: MarketWatch Business March 27, 2023

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The Chinese state-owned oil-and-gas major's 2022 net profit fell 6.9% to 66.30 billion yuan (US$9.65 billion), below the CNY69.50 billion estimate compiled by FactSet. Sinopec's core profit in the fourth quarter also fell 72% on quarter to CNY3.8 billion, weighed by inventory losses at its refining and marketing segments, as well as lower chemical spreads, Citi analysts say in a note. The company's latest share placement... + full article



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