Thursday, November 27, 2014   

Weak yuan drags Sinopec profit
(04-29 11:59)

Sinopec Ltd., China's second-largest state-owned oil company, says its latest quarterly profit fell 15.3 percent due to higher costs connected to weakness in China's currency, the yuan.
Sinopec said Tuesday it earned 14.1 billion yuan, or 12 fens per share, in the three months ending March. Revenue declined 7.8 percent to 641 billion yuan.
Sinopec was squeezed by a decline in the value of China's yuan against the dollar, the currency it must use to pay for oil. The yuan has declined by 3 percent this year against the dollar.
The company said finance-related expenses rose 67 percent due to the currency decline. --AP   
Other Business breaking news:
UK confirms 0.7% growth in Q3 (11-26 18:38)
EU's Juncker proposes US$380 billion investment plan (11-26 17:10)
ADB ready to work with new China-led bank, says president (11-26 16:57)
Samsung sells units and announces share buyback (11-26 16:28)
European stocks up at open (11-26 16:18)
Hang Seng finishes higher (11-26 16:12)
Nikkei ends lower (11-26 15:26)
Europe's biggest bank names new boss in reshuffle (11-25 18:49)
Hang Seng down at close (11-25 16:50)
Consumer spending helps Germany skirt recession in Q3 (11-25 16:49)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.