Sinopec’s Oil Refining Overcomes Continued Upstream Losses

China Petroleum & Chemical Corp., the world’s biggest refiner, said third-quarter profit advanced 13 percent as earnings from refining offset upstream and impairment losses.

Net income at the state-owned energy producer increased to 11.5 billion yuan ($1.7 billion) in the three months to Sept. 30, the Beijing-based company known as Sinopec said in a statement to the Hong Kong stock exchange Monday. That missed a JPMorgan Chase & Co. estimate of 12.1 billion yuan. Revenue rose 19 percent to 579.1 billion yuan.

Categories: Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s