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Shanghai Petrochemical Announces Results For The First Quarter Of 2013

Stocks in this article: SHI

HONG KONG, April 19, 2013 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the unaudited operating results of the Company and its subsidiaries (the "Group") for the three-month period ended March 31, 2013 (the "Period").

Under the China Accounting Standards for Business Enterprises, the Group's operating income for the Period amounted to RMB28.857 billion (corresponding period of 2012: RMB23.550 billion). It recorded an operating profit of RMB254 million (corresponding period of 2012: an operating loss of RMB243 million). Net profit attributable to equity shareholders of the Company was RMB173 million (corresponding period of 2012: net loss attributable to equity shareholders of the Company of RMB190 million). Basic earnings per share was RMB0.024 (corresponding period of 2012: basic loss per share of RMB0.026).

Mr. Wang Zhiqing, the newly elected Chairman, said, "In the first quarter of 2013, the global situation remained complex and volatile, and the Chinese domestic economy did not show obvious growth momentum, while demand for petrochemicals continued to be sluggish. However, the Group endeavoured to ensure the smooth and stable operation of its newly built plants of the Phase 6 Project, and to achieve good material balance and well planned production and sales linking up. The Company strengthened its capabilities in deep processing of crude oil and optimized its petrochemical feedstock and product mix upon the completion and operation of the Phase 6 Project. As a result, the operating results of the Company for the first quarter recorded a profit. The Company will strive to become an advanced enterprise of refineries and petrochemicals producer as well as to continue to optimize its production and operations, to strengthen safety management, to adjust its structure, and to make the most of the advantages it derives from the operation of the Refinery Revamping and Expansion Project and the Technological Advancement Programme in order to improve profitability."

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