By Amanda Lee and Kimberley Kao
China Petroleum & Chemical Corp.'s first-quarter net profit fell 28% on year on lower sales of refined oil products.
Net profit for the quarter ended March was 13.26 billion yuan, equivalent to $1.82 billion, while revenue fell 6.9% on year to 735.36 billion yuan, the Chinese state-owned oil-and-gas major, also known as Sinopec, said late Monday.
Demand for refined oil products declined by 4.0% on the year, while total sales volume of refined oil products dropped 7.1% to 55.59 million tons, the company said.
Total capital expenditure of 18.25 billion yuan was mainly for crude and natural gas production facilities in Jiyang, Tahe, Fuling and Dingshan, as well as the construction of oil and gas storage and transportation facilities, it said.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
April 28, 2025 20:31 ET (00:31 GMT)
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