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Shanghai Petrochemical Announces 2013 Interim Results

Stocks in this article: SHI

HONG KONG, Aug. 28, 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") prepared under International Financial Reporting Standards ("IFRS") for the six months ended June 30, 2013 (the "Period").

According to IFRS, turnover for the Group for the Period amounted to RMB57,085.9 million, representing an increase of 22.92% over the corresponding period of the previous year. The Group recorded profit after taxation and non-controlling interests of RMB473.2 million, an increase of RMB1,624.7 million year-on-year (2012 interim: loss after taxation and non-controlling interests of RMB1,151.5 million). Basic earnings per share amounted to RMB0.066 (2012 interim: basic loss per share of RMB0.160).

Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In the first half of 2013, facing a very complex domestic and international economic environment, China continued to focus on improving the quality and efficiency of economic growth and holding firm to the overall theme of seeking progress while maintaining stability in order to maintain steady economic growth. However, economic growth continued to slow. In the first half of the year, demand for petroleum and chemical products in China remained sluggish, complicated by a slowdown in growth in the consumption of petroleum and petrochemical products and a slackening rate of growth in the development of the industry. Facing a challenging business environment in the first half of 2013, the Group fully utilized the strength of its Refinery Revamping and Expansion Project in a safe and smooth operation, market-oriented and higher economic return-focused approach to further improve safety and environmental protection conditions and to maintain stable production and business operations, leading to a significant year-on-year improvement in its operating results."

In the first half of 2013, net sales of the Group reached RMB52,162.2 million, representing an increase of 19.62% over the same period of the previous year. Of this, net sales of petroleum products, intermediate petrochemical products and trading of petrochemical products increased by 43.68%, 4.67% and 7.01%, respectively. Net sales of synthetic fibres, resins and plastics declined by 4.59% and 8.91%, respectively.

During the period, due to the commencement of the Refinery Revamping and Expansion Project, the output of refined products increased significantly, with the total volume of goods produced increasing by 29.45% year-on-year. During the period, the Group processed 7,707,300 tons of crude oil (including 350,400 tons of crude oil processed on a sub-contract basis), representing an increase by 39.67%, year-on-year. Total production of refined oil products reached 4,449,300 tons, representing an increase of 55.24% year-on-year. Of this, the output of gasoline was 1,381,600 tons, representing an increase of 215.79% year-on-year; the output of diesel was 2,514,800 tons, representing an increase of 22.29% year-on-year; and the output of fuel was 553,000 tons, representing an increase of 48.62% year-on-year. The Group produced 478,700 tons of ethylene, a decrease of 0.23% year-on-year; and 456,900 tons of paraxylene, an increase of 7.46% year-on-year. The Group also produced 550,100 tons of synthetic resins and plastic (excluding polyesters and polyvinyl alcohol), representing a decrease of 2.71%; 448,400 tons of synthetic fibre monomers and 264,800 tons of synthetic fibre polymers, representing decreases of 12.56% and 18.95%, respectively; and 127,600 tons of synthetic fibres, representing an increase of 2.16%. In the first half of 2013, the Group's output-to-sales ratio and receivable recovery ratio were 99.74% and 99.34%, respectively.

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