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SHANGHAI, China (AP) - China Petroleum & Chemical Corp., Asia's biggest refiner by capacity, reported Friday that its net profit for the third quarter of 2005 fell 20.4 percent from a year earlier, as high crude oil prices ate into refining margins.
The company, also known as Sinopec, said its net profit in July-September totaled 8.6 billion yuan, or $1 billion, compared with 10.79 billion yuan a year earlier.
Sinopec's third quarter revenue rose to 224 billion yuan ($27.6 billion), up from 160.2 billion yuan in third quarter 2004.
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