Sinopec posts third-quarter profit decline

China Petroleum & Chemical Corp (Sinopec) saw its net profit slide 9.4 per cent in the third quarter but benefited from government-mandated fuel price rises to beat analysts' estimates.

Sinopec, the country's biggest oil producer and Asia's largest refiner, said its net profit in the quarter to September reached 18.3 billion yuan (HK$22.7 billion), down from 20.2 billion yuan a year earlier, according to the company's filing with the Hong Kong stock exchange yesterday.

via Business feed http://www.scmp.com/business/china-business/article/1071956/sinopec-posts-third-quarter-profit-decline