Shanghai Petrochemical posts Q1 profit of $24m

20 April 2009 04:06  [Source: ICIS news]

SHANGHAI (ICIS news)--State-linked Shanghai Petrochemical Company Limited  recorded a net profit of yuan (CNY)164m ($24m) for the first quarter of 2009, compared with a loss of CNY200m in the same period last year, the company said in a filing to Hong Kong Stock Exchange on Monday.

A significant decrease in crude oil feedstock costs was cited as the main factor in the rise in profits, the company said.

Meanwhile, the operating income in the first quarter slipped by 43.37% to CNY9bn due to significant decrease in product prices such as gasoline, as compared with the corresponding period in 2008.

Shanghai Petrochemical obtained government subsidies totalling around CNY2.3bn to cover refining losses last year, it said in full-year financial report on 30 March.

Shanghai Petrochemical, a subsidiary of oil refiner and petrochemicals giant Sinopec, is listed in Shanghai, Hong Kong and New York.

($1 = CNY6.83)

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By: Judith Wang
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