Shares of China Petroleum & Chemical Corp Class H (HK:0386) (Sinopec) dropped 3.39% to HK$6.56 in Hong Kong on Thursday even after the company announced that it expected significant profit increases for the first nine months of the year.
In an announcement on Tuesday, the company said it expects profits attributable to shareholders to the end of September to increase between 54.7% and 56.6% to RMB21 billion to RMB21.7 billion. (Wednesday was a holiday in Hong Kong.)
The company said that increased profits were driven by increases in oil prices and improvements in its upstream business.
The company also released a white paper that showed it has contributed RMB1.93 billion (US$279 million) to poverty reduction in the past three decades, according to Xinhua. Sinopec had 44 projects underway last year in industrial development, countryside tourism, labor training and education in poor counties.
