Asia powerhouses in Q1: Sinopec stumbles but Nintendo thrives

Combined net profit plunges 45% in virus-roiled quarter

Chinese state-owned energy majors Sinopec and PetroChina were clobbered by the pandemic, but Japan's Nintendo experienced soaring profits as its home console and a new game title won over stay-at-home consumers. (Source photos by AP)

KENTARO IWAMOTO, Nikkei staff writer

June 15, 2020 14:30 JST

SINGAPORE -- The coronavirus pandemic disrupted business across Asia in the first quarter 2020, forcing leading companies from China Petroleum & Chemical (Sinopec) to Toyota Motor to post their weakest earnings in years.

According to QUICK-FactSet data, 22 of 32 Asian powerhouses with market capitalizations over $50 billion at the end of December, excluding financial institutions, reported losses or lower first-quarter net profits than a year earlier.