Sinopec unit in grim profit warning

Sinopec Yizheng Chemical Fibre, a subsidiary of China's No 2 oil company China Petroleum & Chemical Corp (Sinopec), last night issued a warning saying its profit for the year to December 31 last year was expected to plunge by more than 50 per cent compared with 2000. The company said polyester product prices had been sluggish throughout the year, which had eroded margins. The results are expected to be released on April 2.