Sinopec Net Misses Estimates as Fuel Prices Lag Behind Crude

China Petroleum & Chemical Corp., Asia’s biggest refiner, posted a 14 percent gain in annual profit, missing estimates, after increases in government-controlled fuel prices lagged behind gains in crude oil costs.

Net income rose to 71.8 billion yuan ($11 billion), or 0.820 yuan a share, from a restated 63.1 billion yuan, or 0.724 yuan, a year earlier, the company known as Sinopec said in a statement to the Hong Kong stock exchange today. That compares with a 72.5 billion-yuan mean profit forecast of 15 analysts surveyed by Bloomberg News.