China’s Sinopec posts 30% dive in net profit

SHANGHAI: Chinese energy firm Sinopec said net profit plunged 30 percent last year as it was hit by the collapse in oil prices, which has sent shockwaves through global markets and battered the country’s other industry giants.

Sinopec’s net profit came in at 32.4 billion yuan ($5.0 billion) last year, compared with 46.5 billion yuan in 2014, according to a statement filed to the Shanghai exchange late Tuesday.