China’s Sinopec sees profits fall

China’s Sinopec, Asia’s largest refiner, posted a 9.4 per cent fall in third-quarter profit yesterday after its petrochemical business swung to a loss due to the slowing Chinese economy, offsetting hikes in gasoline and diesel prices. Net profit sank to 18.3bn yuan (£1.81bn) in July-September from 20.22bn yuan a year earlier, Sinopec said in a filing with the Hong Kong stock exchange. For the first nine months, Sinopec posted a net profit slump of 30 per cent.