April 28, 2016 / 11:02 AM / 3 years ago

China Sinopec's first-quarter net profit jumps 266 percent

A customer gets the tank of her car filled at a Sinopec gas station in Qingdao, Shandong province in this September 11, 2014 file photo. REUTERS/Stringer/Files

BEIJING (Reuters) - Sinopec Corp’s net profit jumped to almost $1 billion in the first quarter on improved refining margins, Asia’s biggest oil refiner said on Thursday.

The Chinese state-owned firm’s net profit rose to 6.19 billion yuan ($955.65 million) from 1.69 billion yuan a year earlier, it said.

Lower oil prices cut Sinopec’s 2015 net profit to 32.44 billion yuan from 46.47 billion in 2014.

Reporting by Winni Zhou and Nicholas Heath; Editing by Jason Neely

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