Shanghai Petrochemical Announces Results for the First Quarter of 2010
Net Profit Rises 445.51% to RMB895 Million
HONG KONG, April 28 /PRNewswire-Asia/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) announced today the unaudited operating results of the Company and its subsidiaries (the "Group") for the three-month period ended March 31, 2010 (the "Period").
Under the China Accounting Standards for Business Enterprises, the Group's operating income for the Period amounted to RMB18.739 billion, representing an increase of 106.54% over the corresponding period of the previous year. Operating profit for the Period was RMB1.145 billion, up 683.44% year-on-year. Net profit attributable to equity shareholders of the Company for the Period amounted to RMB895 million, an increase of 445.51% year-on-year. Basic earnings per share was RMB0.124 (1Q 2009: RMB0.023).
Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In the first quarter of 2010, China's macroeconomic situation remained positive, leading to a continued growth in market demand for domestic petroleum and petrochemical products. The Group actively capitalized on market opportunities and maintained the operation of production plants for a long cycle and at full capacity. As such, sales volumes and sales prices increased significantly as compared to the corresponding period of the previous year which in turn led to a strong performance in operating results."
Shanghai Petrochemical is one of the largest petrochemical companies in the PRC and was one of the first Chinese companies to effect a global securities offering. Located at Jinshanwei in the southwest of Shanghai, it is a highly integrated petrochemical complex which processes crude oil into a broad range of products in synthetic fibres, plastics and resins, intermediate petrochemicals and refined oil products.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as: the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, the risk that the PRC government's implementation of macro-economic control measures to curb over-heating of the PRC economy may adversely affect the company; uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase; the risk of not being able to raise the prices of the Company's products as is appropriate thus adversely affecting the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of management; competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable law.
Encl: Consolidated Income Statement (Unaudited) http://www.prnasia.com/sa/attachment/2010/04/20100428345479.pdf
For further information, please contact:
Ms. Leona Zeng / Ms. Christy Lai
Rikes Hill & Knowlton Limited
Tel: +852-2520-2201
Fax: +852-2520-2241
SOURCE Sinopec Shanghai Petrochemical Company Limited
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