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Sinopec Reports Drop in Profits on Slower Domestic and International Growth

5:13 AM MDT | August 27, 2012 | Natasha Alperowicz

Sinopec announced a more than 30% drop in operating profit for the first six months of the year. Revenues were 9.3% up, at Rmb1,348.1 billion ($21.3 billion).  Operating profit declined 31.4%, to Rmb40.1 billion, while net profit attributable to shareholders of the company was Rmb24.5 billion. Basic and diluted earnings per share were Rmb0.282 and Rmb0.272, respectively.   The company says that the exploration and production segment “achieved satisfactory operation performance due to the increased prices and sales volume of crude oil and natural...

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