Sinopec net profit up 5.50% to RMB 13.63 bln in Q3

China Petroleum & Chemical Corp (Sinopec)<600028><386>, the country’s largest oil refiner in terms of production capacity, said its net profit has reached RMB 13.63 billion in the third quarter, up 5.50% over the same period last year, announced the company in its quarterly report.

Its combined net profit in the first 3 quarters has reached RMB 49.82 billion, up more than 43.21% compared with the same period last year. Earnings per share was RMB 0.58 in the first 9 months. It has generated an operating profit of RMB 262 billion in the first 3 quarters, while it reported operating loss of RMB 29.16 billion in the same period last year.

Its oil output has exceeded 30 million tons in the first 9 months, up 2.23% year-on-year, and natural gas production rose to 5.98 billion cubic meters, up 11.74% year-on-year. Its realized oil price was RMB 2,956 per ton, down 12.76% year-on-year, while realized natural gas was RMB 810 per thousand cubic meters, up 7.89% year-on-year.

The company spent almost RMB 31 billion in exploitation and development and totally more than RMB12 billion in refineries. Its oil refining capacity surged to115.8 million tons in the first 9 months, up 7.89% year-on-year.