HONG KONG, Oct. 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") for the nine-month period ended September 30, 2013 (the "Period").
Under the China Accounting Standards for Business Enterprises, the Group's revenue for the Period amounted to RMB86.356 billion (corresponding period of 2012: RMB69.153 billion). It recorded an operating profit of RMB1.395 billion (corresponding period of 2012: an operating loss of RMB2.237 billion). Net profit attributable to equity shareholders of the Company was RMB1.004 billion (corresponding period of 2012: net loss attributable to equity shareholders of the Company of RMB1.609 billion). Basic earnings per share was RMB0.139 (corresponding period of 2012: basic loss per share of RMB0.224).
Mr. Wang Zhiqing, Shanghai Petrochemical's Chairman, said, "Since the Refinery Revamping and Expansion Project was fully completed and put into operation at the end of 2012, the Group's existing crude oil processing capacity and adaptability were enhanced in the first three quarters of 2013, and the room for optimising it intermediate raw materials and product mix had further expanded, which led to improved ability of the Company to achieve profitability on its refinery operations. Although the market petrochemical prices did not show a clear uptrend, overall prices remained stable. We believe that the Group will return to profitability for the financial year of 2013. The Group will continue to focus on improving the quality and efficiency of its development and will give fully play to the advantage of the Refinery Revamping and Expansion Project by focusing on production safety, environmental protection and stable operation through employing systematic optimisation and upgrade as a means to achieve the Group's annual target."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV