22 January 2009 14:54 [Source: ICIS news]
SHANGHAI (ICIS news)--State-owned refinery and petrochemical giant, Sinopec has warned that its 2008 profits could drop by more than 50% compared with the previous year, the company said in a filing to the Hong Kong Stock Exchange on Thursday.
The company’s 2007 profit was approximately yuan (CNY) 56.53bn ($8.27bn) based on international financial reporting standards, the filing stated.
The plunge in profits was attributed to the government control put on domestic fuel oil prices in the first half of last year and falling prices and demand for chemical products in the second half.
Specific financial and operational data will be unveiled in the company’s annual report, the filing stated.
Meanwhile, the company’s 2008 ethylene output declined by 3.75% from 2007 to 6.289m tonnes and synthetic fibres output dipped 11.39% to 1.260m tonnes, according to operational data on its website released today. Synthetic resin output was down 0.88% at 9.590 tonnes.
Both the ethylene and synthetic resins output data include 100% of the production from Sinopec’s cracker and downstream joint ventures with BASF and BP: YPC-BASF and Shanghai Secco.
($1 = CNY6.84)
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections