China's Sinopec (SNP) says Q3 profit fell 9.4% as declining output at its chemicals business...

|By:, SA News Editor

China's Sinopec (SNP) says Q3 profit fell 9.4% as declining output at its chemicals business outweighed fuel price hikes. The results came even after the Chinese government loosened its grip on fuel prices and allowed them to rise; the controls are aimed at moderating inflation but force refiners to absorb losses.