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Sinopec’s profit falls in Q3, but stands above estimates

by ChemOrbis Editorial Team -
  • 31/10/2014 (11:37)
China’s Sinopec announced its financial results for the third quarter of 2014, according to media reports. The company’s net profit posted a decrease of 12% on a quarterly basis to reach 19.3 billion Yuan ($3.16 billion) from 22.0 billion Yuan in the same period of 2013. However, the company’s results stand above the initial estimates of a 15.7 billion Yuan net income based on a survey by Thompson Reuters.

Lower international crude prices, weaker refining profits and slower Chinese oil demand were blamed among the reasons for the company’s weaker financial results. Lower crude prices also led to the company’s profits from its exploration and production segment to drop to 13.4 billion Yuan in the third quarter of this year.

Meanwhile, Sinopec’s refining profit declined to 1.3 billion Yuan in the July-September period of this year from 6.5 billion Yuan in the previous year.
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