Sinopec Shanghai Petrochemical H1 Lost CNY372.772mn

SHANGHAI, Aug 29, 2008 (SinoCast via COMTEX) -- SHI | Quote | Chart | News | PowerRating -- Sinopec Shanghai Petrochemical Co., Ltd. (NYSE: SHI; SEHK: 0338; SHSE: 600688) today reports net losses of CNY 372.772 million for January-June 2008, slumping from net profits of CNY 1.758 billion a year ago, hurt by skyrocketing international oil prices.

It gained operating profits of negative CNY 2.065 billion and total profits of negative CNY 448.939 million. It gained operating revenue of CNY 32.867 billion, rising 22.55%. Net sales revenue increased 22.01% to CNY 32.2944 billion. Gross margin of major businesses stood at negative 1.43%, plunging 13.18 percentage points.

The firm processed 5.0665 million tons of crude oil, 12.27% more than a year earlier, including 4.8933 million tons of imported oil and 173,200 tons of offshore oil. It turned out 417,300 tons of gasoline and 1.8897 million tons of diesel oil, surging 43.5% and 38.93%. Its aviation kerosene output slipped 4.15% to 336,900 tons. Ethylene output added 0.92% to 480,900 tons, and propylene turnout leaped 6.85% to 265,000 tons. It made 536,100 tons of synthetic resin and plastic, 487,900 tons of synthetic fiber raw materials and 147,700 tons of synthetic fiber.

From www.cnstock.com, Page 1, Thursday, August 28, 2008 info@SinoCast.Com

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