Xinfengming's Q3 net profit decline by near 118% YOY

Xinfengming disclosed that in the third quarter, its operating income reached 14.228 billion yuan, an increase of 10.4% over the same period last year, and the net profit loss was at 110 million yuan, down 117.94% on annual basis. The net profit in the first three quarters was 284 million yuan, down 85.32% year on year. The decline in net profit was mainly affected by crude oil price fluctuations. At the same time, affected by the domestic COVID-19 epidemic, operating rate of downstream plants was also under pressure, affecting the company's production and marketing and price difference.