Sinopec unit issues profit warning

Company's drilling and services division expects to see loss of up to $1.33b in the first 9 months

Sinopec Oilfield Service Corporation issued a profit warning, expecting a net loss of about 8.9 billion yuan ($1.33 billion) for the nine months that ended on Sept 30.

The drilling and services unit of China Petroleum and Chemical Corp, known as Sinopec, recorded a net loss of 2.1 billion yuan in the same period last year. This quarter's loss is the worst so far this year.