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Sinopec Third-Quarter Profit Beats Estimates on Refining Margins

China Petroleum & Chemical Corp. Storage Tank in Hong Kong
China Petroleum & Chemical Corp. (Sinopec) signage is displayed on one of the company's storage tanks in the Tsing Yi area of Hong Kong. Photographer: Jerome Favre/Bloomberg

Oct. 29 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s biggest refiner, posted a 20 percent increase in third-quarter profit, beating estimates, as higher retail fuel prices helped margins.

Net income rose to 22 billion yuan ($3.6 billion), or 0.18 yuan a share, from 18.3 billion yuan, or 0.15 yuan, a year ago, the company said in a statement to the Shanghai Stock Exchange today. The median of eight analyst estimates compiled by Bloomberg was 19.3 billion yuan.

Operating profit from the refining business was 6.7 billion yuan in the first nine months, compared with a loss a year earlier, said the company, known as Sinopec.

Crude and natural gas production rose 4 percent in the first nine months to 331 million barrels, according to the statement.

Sinopec rose 1.5 percent to HK$6.06 in Hong Kong today, before the earnings announcement. The shares have declined 10 percent this year, compared with a 0.8 percent gain in the benchmark Hang Seng Index.

To contact the reporters on this story: Aibing Guo in Hong Kong at aguo10@bloomberg.net; Benjamin Haas in Hong Kong at bhaas7@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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