by Staff Writers
Hong Kong (AFP) Oct 28, 2011
Chinese oil giant Sinopec, Asia's largest refiner by capacity, said Sunday that third-quarter net profit fell 9.4 percent from a year earlier due to a lower contribution from its chemicals business.
Sinopec reported a net profit of 18.33 billion yuan ($2.9 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.
"We have... accelerated an upgrade in the quality of oil products, and adjusted the product mix to increase the output of gasoline and jet fuel," the company said.
The company reported 12.2 billion yuan in exploration expenses for the first nine months, a 31 percent increase from the previous year.
It said it was focused on achieving growth in reserve and production volume, as well as enhancing exploration in key areas.
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|