HONG KONG, April 28 Sinopec Corp,
Asia's largest refiner, posted a 15.3 percent fall in
first-quarter profit, meeting forecasts, as a sharp improvement
at its refining business was offset by declines at its upstream
and chemicals businesses.
The company posted a net profit of 14.1 billion yuan ($2.25
billion) versus 16.7 billion yuan a year earlier, under
international accounting standards, it said in a filing with the
Shanghai bourse. The result compared with an average forecast of
14.6 billion yuan by two analysts polled by Thomson Reuters.
The state-run oil giant, which unveiled a plan earlier this
year to sell up to 30 percent of its massive fuel retailing
business, has vowed to put more emphasis on investment quality
and efficiency instead of expansion this year.
Sinopec said last month it would cut
capital expenditure to 162 billion yuan this year from 169
billion yuan in 2013 - which was already seven percent lower
($1 = 6.2536 Chinese Yuan)
(Reporting by Charlie Zhu; Editing by Mark Potter)