Sinopec Corp., Asia's largest refiner, posted an 85% fall in first-quarter profit as a sharp decline in international crude prices hit upstream earnings and resulted in inventory write-downs at its massive refining arm (IOD Apr.29'15). The state-controlled company's net profit was 2.17 billion yuan ($350.06 million), roughly in line with expectations, against 14.1 billion yuan a year earlier, it said in a filing with the Hong Kong bourse.
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