China’s Sinopec records first quarterly loss since at least fourth-quarter 2015

China Petroleum & Chemical Corp (Sinopec) (600028.SS) (0386.HK) recorded a 19.15 billion yuan ($2.71 billion) net loss in first-quarter earnings, as the coronavirus pandemic walloped fuel consumption and led to collapsing oil prices.

It was the first quarterly loss posted by the listed branch of Asia’s largest refiner since at least the fourth quarter in 2015, according to Refinitiv Eikon’s records.

The loss compared with net profits in the first quarter of 2019 of 14.76 billion yuan and 14.31 billion yuan in the forth quarter last year.

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