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Sinopec net profit drops 63.7% in first nine months

(Xinhua)
Updated: 2008-10-29 23:39

China Petroleum and Chemical Corporation (Sinopec), Asia's biggest oil refiner, saw its net profit in the first three quarters fall 63.7 percent over the same period last year, pushed down by fuel price caps.

Related readings:  Sinopec switches on oil transfer price  Sinopec to invest 14.8b yuan to raise capacity  Sinopec may not receive subsidies in 4th quarter  Sinopec continues cost cuts on oil rise

The company's net profit was 17.642 billion yuan ($2.58 billion) in the first nine months, or 0.203 yuan per share under China's accountant rule, the company said the in the report for the first three quarters on Wednesday.

Sinopec's net profit in the third quarter was 8.303 billion yuan or 0.096 yuan per share, down 38.7 percent from a year ago.

It produced 31.33 million tonnes of crude oil in the first nine months, up 2.09 percent over the same period last year. Natural gas production hit 6.11 billion cubic meters in the first three quarters, up 2.16 percent year on year.