Sinopec's third quarter net profit falls on lower contribution from chemicals

Sinopec on Sunday reported a 9.4% drop in third quarter net profit to Rmb18.33 billion ($2.9 billion) citing lower contribution from its chemicals business. Earnings per share were Rmb0.211, down 9.4%. Revenues rose 5.43% to Rmb676.7 billion.   In its filing to the Hong Kong Stock Exchange, Sinopec said the decline was "mainly due to plummeting results of the chemicals segment which resulted from changes in the chemical market and demand". The company reported a refinery throughput of 4.39 million bbl/day in the first nine months of the year, up...

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