Sinopec Q3 Net Profit Down 9.4%

China Petroleum & Chemical SNP reported a 9.4% drop in its Q3 net profit. Sinopec's quarterly net profit declined to 18.3 billion yuan ($2.9 billion), versus CNY20.2 billion, in the year-earlier period. However, analysts were expecting a profit of CNY14.7 billion. In the January-September period, average selling price of its oil climbed 2.50% to $100.69 per barrel, versus $98.23/barrel. Sinopec shares dropped 2% to close at $103.67 on Friday.