Sinopec 2012 Profit Drops 12.8%

China Petroleum & Chemical

reported a 12.8% drop in its net profit last year. Sinopec's net profit for the year declined to 63.88 billion yuan (US$10.3 billion), versus 73.23 billion yuan in 2011. However, analysts were expecting a profit of 62.60 billion yuan. Its revenue climbed 11% to CNY2.79 trillion from CNY2.51 trillion. Sinopec shares closed at $113.55 on Friday.