Sinopec Oilfield expects 182m yuan net loss in Q1

Sinopec Oilfield Service (1033) expected it will have a net loss of 182 million yuan (HK$199 million) for the first quarter this year, compared with a net profit of 188 million a year ago amid the virus pandemic and a plunge in global oil prices.

Net loss deducting non-recurring profit and loss would be 216 million yuan for the three months, compared with a 149 million net profit a year before.

International oil prices have fallen sharply, exacerbating operating pressure to domestic and foreign oilfield service companies, said the company. The workload and operating income of the company's main business decreased significantly year-on-year, and the downtime cost and epidemic prevention expenditure increased year-on-year amid the epidemic, it said.

Shares of the company rose 1.69 percent to close at 60 HK cent today before the announcement.