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Sinopec reports lower quarterly profits

China Petrochemical Corp (Sinopec), China's largest oil refiner, reported on Wednesday lower net profit in the first three quarters of this year. Net profit attributable to shareholders stood at 43.28 billion yuan ($6.13 billion) in the first nine months, down 27.8 percent year-on-year, the company said in a report filed with the Shanghai Stock Exchange. Operating revenue increased 7.7 percent to 2.23 trillion yuan in the period. Output of refined oil reached 119.5 million metric tons, up 2.9 percent year-on-year while sales stood at 192.4 million tons, increasing 8.5 percent.