China Petroleum & Chemical Corp’s (Sinopec) profit fell from a record in the second quarter and may decline further, analysts said.
Asia’s biggest oil refiner reported a third-quarter net income of 16.55bn yuan ($2.4bn), a 25% drop from the preceding three months.
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Profit missed the 17.25bn yuan median estimate of six analysts, reported Bloomberg.
Sinopec said that processing margins fell to $5.20 a barrel from $9.20 in the second quarter and its refining business incurred losses in September and October.
