SHI | Quote | Chart | News | PowerRating -- Sinopec Shanghai Petrochemical Co., Ltd. (SHSE: 600688; SEHK: 00338) under the aegis of Sinopec predicted that it would make a profit in the first half of 2009.
Notably, the dual-listed company reaped a net profit of negative CNY 372.772 million and earnings per share of minus CNY 0.052 a year earlier.
The reasons for the prediction include the year-on-year falling crude prices in the global market, the obviously declining cost of raw materials like crude oil, and the capacity increase in related device of Sinopec Shanghai Petrochemical.
In the first quarter of 2009, the company became profitable with a net profit of CNY 164.071 million attributable to the holding company. It gained operating revenue of CNY 9.0729 billion, dropping 43.3 percent year on year.
Operating cost decreased 52.92 percent and operating profit stood at CNY 146.193 million. Non-operating revenue plummeted 63.33 percent because the company gained government subsidy a year earlier, said previous reports.
Source: www.shihua.com.cn (June 11, 2009)
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