Shanghai Petchem H1 net pft up 132% on higher output

21 August 2003 04:18  [Source: ICIS news]

SINGAPORE (CNI)--Sinopec subsidiary Shanghai Petrochemical Co posted a 132% rise in net profit to Rmb484.0m ($58.4m/Euro52.7m) in the first half of its financial year to 30 June 2003 from Rmb208.6m in the same period of 2002, largely due to a significant increase in output and sales.

The group's turnover rose by 48.4% to Rmb14.14bn from Rmb9.52bn a year earlier while operating profit increased by 82% to Rmb814.4m from Rmb447.6m.

The company said market prices for its four major products -- synthetic fibres, resins and plastics, intermediate petrochemical products and petroleum products -- rose, fell and then rebounded at the tail-end of H1, influenced by the impact of the Iraq war and the outbreak of Sars.

The company said it had processed 4.12m tonne of crude oil - an increase of 726 900 tonne or 21%. Ethylene production was up by 35.7% to 461 500 tonne, propylene was up 39.3% to 251 700 tonne, plastics and resins rose by 49% to 519 800 tonne, while polymer output was up by 6.1% and synthetic fibres were up by 6.7%.

All four of the company's divisions posted higher sales, with petroleum products leading the way with a 36.1% rise, followed by resins and plastics a 29.8% increase.

The company was also helped a rising average selling prices for its products. Synthetic fibre prices rose by 12.8%, resins and plastics by 12.1%, intermediate petrochemicals by 37.2% and petropleum products by 32.3%.

By: James Dallmeyer
+65 6780 4359

< previous article(ICIS Chemical Business podcast November 2, 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly