Sinopec Corp Books RMB 16.03 Billion in Asset Impairments for First Half

Stock News08-23

Sinopec Corp (00386) announced that, to accurately reflect its financial position and operational results for the first half of 2026, and in accordance with Chinese Accounting Standards for Business Enterprises and the principle of prudence, it conducted a detailed inspection and inventory of its assets, followed by impairment tests on assets showing signs of impairment.

As a result of these tests, the company recorded a total of RMB 16.03 billion in impairment provisions for the first half of 2026. The provisions, which include reversals, will be fully reflected in the company's interim operating results and are expected to reduce its consolidated net profit for the period by RMB 15.658 billion.

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