The Straits Times
Published on Oct 28, 2012

China energy giant Sinopec sees Q3 net profit fall


HONG KONG (AFP) - Chinese oil giant Sinopec, Asia's largest refiner by capacity, said today that third-quarter net profit fell 9.4 per cent from a year earlier due to a lower contribution from its chemicals business.

Sinopec reported a net profit of 18.33 billion yuan (S$3.5 billion) for the three months ended September 30, a 1.89 billion yuan drop from 20.22 billion yuan in the same period last year.

The decline was "mainly due to plummeting results of the chemicals segment which resulted from changes in the chemical market and demand", the company said in a filing to the Hong Kong Stock Exchange.

Sinopec reported a refinery throughput of 4.39 million barrels a day in the first nine months of the year, up from 4.37 million a year earlier.