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Sinopec profit drops 50% in 2008

By Wan Zhihong (chinadaily.com.cn)
Updated: 2009-01-22 19:25

Sinopec Corp, Asia's largest refiner, said Thursday its net profit for 2008 dropped by over 50 percent from a year earlier.

The company has seen "great losses in the oil refining business" due to the gap between high global crude prices and the domestic-controlled refined oil prices in the first half of 2008, said a company statement.

In the second half, the price and demand for chemical products declined significantly, causing a massive decline of the company's results, said the statement.

In 2007 the company's net profit was 56.53 billion yuan ($8.26 billion), based on the international financial reporting standards.