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Sinopec Clarifies Losses
386.HK, 600028.SH, China Petroleum & Chemical Corporation, SNP, Sinopec
Posted by: Li Jun on Mar 14, 2008 | 19:03
Editorial Summary
China Petroleum & Chemical Corporation (Sinopec Corp.) (600028.SH, 386.HK, NYSE: SNP) announced that there is no material basis for the news claimed that the company will incur loss for the first half of 2008. After a report started on Thursday that Sinopec will only record RMB1billion in January profit, 14 to 16 percent of the company’s 2006 and 2007 profit levels, its shares fell 2.78 percent by that day. Sinopec said that it will disclose its first quarter earnings in late April. However, shares of Sinopec keep plunging by 3.07 percent to close at RMB13.9 on Friday in Shanghai.
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