Sinopecâ€™s chemicals segment reports fall in profits and sales
11:25 AM MDT | March 25, 2013
Sinopecâ€™s chemicals segment reports a 2% fall in revenues for 2012 compared with 2011, to 411.9 billion renminbi ($66.5 billion). This decline was primarily due to the continuing low demand for chemical products as a result of the macroeconomic downturn, which led to a major drop in chemical product prices, Sinopec says. Operating profits for the companyâ€™s chemicals segment decreased 95.6%, to Rmb1.17 billion. Fourth-quarter figures were not disclosed. â€œDemand for chemical products was sluggish globally in 2012, and combined with the impact of low-cost...
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