InfoAnda - Chinese refiner Sinopec says 3Q profit down 39 pct

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Chinese refiner Sinopec says 3Q profit down 39 pct AP - Thursday, October 30 SHANGHAI, China - Major refiner China Petroleum & Chemical Corp. reported Wednesday that its net profit fell 39 percent in July-September due to record high costs for crude oil for a big part of that period. The 8.2 billion yuan ($1.2 billion) third-quarter net profit for the state-owned company, also known as Sinopec, compared with a 13.4 billion yuan profit a year earlier. The results reflect 11.7 billion yuan ($1.7 billion) in government subsidies to Sinopec in the third quarter for losses stemming from processing of costly crude oil imports due to Chinese domestic price controls. In the first three quarters of the year, Sinopec recorded a total of 42 billion yuan in subsidies as income, in addition to 3 billion yuan in value-added tax refunds for refined oil products. Those supports enabled the company to keep its oil processing facilities operating at full capacity despite mounting losses. Sinopec also boosted imports in response to heavy pressure from authorities to counter chronic fuel shortages after many independent refiners halted operations. Sinopec said its output of refined oil products rose 11.7 percent in the first nine months of the year, compared with a year earlier. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy T-bill demand rises, interbank lending rates slipAP - Thursday, October 30 Starbucks joins with Project RED drinks promotionAP - Thursday, October 30 Global stock markets mainly higher on credit easingAFP - Thursday, October 30 Hundreds in Spain protest Nissan job cutsAFP - Thursday, October 30 Related Articles: Business Dollar loses ground and pumps up oil pricesAP - 1 hour 37 minutes ago T-bill demand rises, interbank lending rates slipAP - Thursday, October 30 World stocks mostly higher as Fed cuts rateAP - Thursday, October 30 Qwest 3Q profit down; will cut 1,200 jobsAP - Thursday, October 30 Wyeth latest drugmaker to narrow focus of researchAP - Thursday, October 30 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Desperate pleas end in despair as starlet's nephew found dead Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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