China's Sinopec announces financial results for Q3
by ChemOrbis Editorial Team - content@chemorbis.com
According to an announcement on the company’s website, Chinese Sinopec’s net profit increased by 13% to CNY11.40 billion ($1.71 billion) from CNY10.19 billion in the same period of 2016.
However, this increase fell behind the analysts’ expectations of CNY12.1 billion profit. The net profit reported during July-September period also lagged behind the CNY16.6 billion profit recorded in the previous quarter.
The company’s operating profit also grew by 8.4% on a year over year basis to CNY55.757 billion ($8.40 billion) while its revenue rose 19% to CNY579 billion ($87 billion).
However, this increase fell behind the analysts’ expectations of CNY12.1 billion profit. The net profit reported during July-September period also lagged behind the CNY16.6 billion profit recorded in the previous quarter.
The company’s operating profit also grew by 8.4% on a year over year basis to CNY55.757 billion ($8.40 billion) while its revenue rose 19% to CNY579 billion ($87 billion).
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