Sinopec Corp. (SNP.NYSE; 00386.HK; 600028.SH), Asia's top refiner, on Thursday reported a drastic plunge in net profits during the first nine months as falling crude oil prices caused bigger losses than refining gains. Under the Chinese Accounting Standards (CAS), Sinopec Corp.'s net profits reached 25.848 billion yuan in the first nine months, down 49.49 percent year on year.
Under the International Financial Reporting Standards (IFRS), the company's net profits stood at 27.03 billion yuan in the first nine months, down 47.82 percent from the same period of last year. Sinopec Corp.'s revenues declined 27.36 percent year on year to 1.537 trillion yuan from January to September in accordance with the CAS.
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