China's top oil refiner Sinopec on Monday reported a 15.3 percent year-on-year drop in net profits in the first quarter of 2014.

Net profits in Q1 stood at 14.1 billion yuan (2.31 billion U.S. dollars).

In the first three months, output of crude oil rose 8.76 percent year on year to 89.4 million barrels and natural gas went up 8.68 percent to 177.4 billion cubic feet.

The company processed 57.22 million tonnes of crude oil, down 2.5 percent year on year in the January to March period.

Meanwhile, the company's sales of refined oil products totalled 42.15 million tonnes in the first quarter, up 0.05 percent year on year.