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.
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