Sinopec Third Quarter Profit Jumps 57 Percent
Chinas Sinopec Corp posted a 57.2 percent year-on-year increase in third-quarter net profit on Thursday. Stronger refining margins and higher crude prices drove the gains, offsetting weaker domestic fuel demand across operations.
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CHINA PETROLEUM & CHEMICAL-H reported a 57.2% surge in third-quarter net profit to 13.36 billion yuan ($2.01 billion) on Thursday afternoon. The earnings jump offset weaker fuel demand across China as higher crude oil prices bolstered refining margins. Net income for the first nine months rose 30% to 38.99 billion yuan, according to company statements.
