China Petroleum and Chemical Corp, or Sinopec Corp , report...
), reported a 24.7 percent drop in earnings in the first half of 2019 on Sunday, dampened by rapid growth of domestic refining capacity and waning demand for refined products.
That put the profit in the April-June period at 16.58 billion yuan, up from 14.76 billion yuan in the first quarter but down 27% year-on-year, according to Reuters calculations based on company statements filed with the Shanghai Stocks Exchange.“Domestic demand of refined oil products continued to grow in the first half of this year competition in the market was extremely fierce with ample supplies,” Sinopec said in a statement.
Some fuel producers were forced to make extended curbs to their output as profit margins fell into the red. The company said it produced 141.68 million barrels of crude oil, down 1.4% on year, and 509.5 billion cubic feet of natural gas, up 7% from the same period last year.
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