Top Asian refiner Sinopec's net profits slip 22% in H1

China's Sinopec, Asia's largest refiner, posted a 22 percent fall in first-half profit on a sharp decline in international crude prices that hit upstream earnings.

The state-controlled company's net profit was 25.4 billion yuan ($3.96 billion), compared to 32.5 billion yuan a year earlier, it said in a filing with the Hong Kong bourse.

Sinopec said last month that it expected an 11-fold jump in quarterly net profit in the second quarter compared to the first.

A Sinopec service station in Beijing on July 8, 2015.
Greg Baker | AFP | Getty Images

The company plans to cut back operations at its refineries by around 5 percent in the fourth quarter compared with the first half of the year as fuel inventories rise and demand for diesel slows, industry sources told Reuters.

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In the first half, crude oil production fell 2.1 pct on year to 174.1 million barrels, Sinopec said in the filing.

Sinopec reported a worse than expected fourth-quarter net loss of 5.3 billion yuan in 2014—its first quarterly loss since becoming a public company in 2000.

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