Shanghai Petrochemical posts profit in Q1

Mon. April 20, 2009; Posted: 09:12 AM

Apr 20, 2009 (Datamonitor via COMTEX) -- SHI | Quote | Chart | News | PowerRating -- Sinopec Shanghai Petrochemical Company has reported a net profit attributable to equity shareholders of the company of RMB164 million for the first quarter ended March 31, 2009, compared to a net loss attributable to equity shareholders of the company of RMB200 million for the same period of 2008.

The company has reported an operating profit of RMB146 million for the first quarter ended March 31, 2009, compared to an operating loss of RMB434 million for the same period of 2008.

Sinopec Shanghai Petrochemical Company (Shanghai Petrochemical) has reported operating income of RMB9.07 billion for the first quarter ended March 31, 2009, compared to RMB16.02 billion for the same period of 2008.

Rong Guangdao, chairman of Shanghai Petrochemical, said: "As a result of the significant decrease in crude oil prices in the international market, the group's crude oil processing costs dropped gradually in recent months.

"Under the present prevailing crude oil prices, the improved pricing mechanism for refined oil products effective January 1, 2009, based on the 'notice on the implementation of price, tax and fee reforms for refined oil products' promulgated by the state council on December 18, 2008, has ended the situation whereby prices of refined oil products were inverted with those of crude oil."

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