China Petrochemical Corporation, which is known as Sinopec, Asia’s biggest refiner, saw its revenue and net profit significantly improve during the third quarter, with net income reaching 46.39 billion yuan ($6.92 billion) during the July-September period, Sinopec said in a filing to the Shanghai Stock Exchange on Wednesday.
It attributed the profit upsurge to a robust refining business and domestic demand recovery.
The company’s refinery crude throughput reached 63.5 million tons during the third quarter, up 2 percent year-on-year. Refined oil production reached 38 million tons, up 11.2 percent compared with the previous quarter, it said.
Domestic fuel sales were 45.44 million tons over the period, up 0.4 percent compared with the previous quarter.
Sinopec had churned out a total of 210.65 million barrels of crude oil as of the end of September, down 1 percent year-on-year, and 772.14 billion cubic feet of natural gas, 0.2 percent lower from a year earlier.