BEIJING - Net profits of Sinopec, China's largest oil refiner, dropped by 0.96 percent year on year to 51.8 billion yuan ($8.43 billion) in the first three quarters of 2014, new data showed Thursday.

According to international accounting standards, its basic earnings per share stood at 0.44 yuan during the same period, down from 0.45 yuan for the same period of last year, according to its quarterly report filed with the Shanghai Stock Exchange.

The company attributed the decline in profits partly to the slides in international oil prices in the third quarter, which translated into five consecutive cuts in domestic prices for gasoline and diesel.

During the first nine months, business revenue dropped 1.13 percent to 2.12 trillion yuan.

Sinopec's production of oil and gas increased 8.05 percent to 357.41 million barrels of oil equivalent, with crude oil output up 7.66 percent and natural gas output up 9.14 percent.

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