By Sherry Qin
China Petroleum & Chemical Corp.’s third-quarter net profit rose 34%, supported by stronger oil product sales.
Net profit rose to 17.86 billion yuan ($2.44 billion )compared with CNY13.325 billion in the same period a year earlier after adjustment, the company, also known as Sinopec, said late Thursday.
Revenue climbed 4.2% to CNY876.26 billion.
The country’s biggest refiner said its total sales volume of refined oil products for the first nine months rose 19% on the year to 180.55 million tons.
Domestic sales at 142.61 million tons were up 17% on the year, showing stronger demand in China.
Meanwhile, its chemical sales volume gained 5% on year in the January to September period.
Write to Sherry Qin at sherry.qin@wsj.com
Read the full article here