Sinopec expects profit up 22 pct in 2018

Source: Xinhua | 2019-01-28

China Petrochemical Corporation (Sinopec), China's largest oil refiner, said its net profit is expected to jump by 22 percent year on year to 62.4 billion yuan (9.18 billion U.S. dollars) in 2018.
According to its preliminary earnings estimates filed with the Shanghai Stock Exchange, the company's revenue increased by 22.09 percent year on year to 2.88 trillion yuan.
The gain came despite notable losses registered with its wholly-owned trading unit, the China International United Petroleum & Chemicals Company (Unipec), as inappropriate trading strategies in crude oil hedging contributed to losses totaling 4.65 billion yuan, Sinopec said in a separate statement.
The results are subject to auditing and could be different from the final data, the company said.