Submitted by Fox First at Ten on October 29th
HONG KONG (AP) - China's Sinopec says third-quarter profit fell as declining output at its chemicals business outweighed fuel price hikes.
Sinopec Corp. said late Sunday profit fell 9.4 percent to 18.3 million yuan ($2.9 million) or 0.2 yuan (3.2 cents) in the July-September period. The company is Asia's biggest refiner by volume and one of China's three major state-owned oil companies.
Sinopec, also known as China Petroleum & Chemical Corp., said it "actively lowered" the utilization of its chemical facilities. It said ethylene production fell 4.5 percent to 7.02 million tons. Synthetic resin output shrank 1.1 percent to 9.96 million tons.
The results came even after the Chinese government loosened its grip on fuel prices and allowed them to rise. The controls are aimed at moderating inflation but force refiners to absorb losses.
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