China Petroleum & Chemical Corp. (SNP), or Sinopec, Asia's largest oil refiner by capacity, said Thursday its first-quarter net profit slipped 35% from a year earlier as refining losses outweighed higher oil prices and strong energy demand.

Net profit for the three months ended March 31 was CNY13.41 billion, down from CNY20.64 billion.

Revenue rose 14% to CNY671.4 billion from CNY588.8 billion.

The refiner processed 55.41 million metric tons of crude oil in the January-March period, up 2.1% from 54.26 million tons.

The average selling price of its oil jumped 24% to US$106.10 a barrel in the first quarter from US$85.72.

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