China’s Shanghai Petchem H1 profit surges 51% on strong sales

30 August 2010 08:00  [Source: ICIS news]

SHANGHAI (ICIS)--China’s state-owned Sinopec Shanghai Petrochemical said on Monday its net profit for the first half of 2010 surged 51.2% year on year to yuan (CNY) 1.52bn ($223.5m) as production and sales grew.

“In the first half of the year, the company maintained sound operations and production, and crude oil processing volume and ethylene production stayed at relatively good levels as compared to previous corresponding periods,” the company said in a filing to the Shanghai Stock Exchange.

For the six-month period ending 30 June 2010, the company’s turnover soared 70.6% year on year to CNY36.1bn, it added.

Shanghai Petrochemical processed 5.04m tonnes of crude oil for the period, 20% more compared to levels in the same period last year.

Its ethylene output jumped 12.43% year on year to 493,900 tonnes and its propylene output was up 14.19% at 270,300 tonnes.

Meanwhile, the average prices of its petroleum products jumped by 42% while prices of intermediate petrochemicals, resins and plastics

Average prices of most products increased, partly due to higher raw material costs. Prices of petroleum products registering a 42% year-on-year increase, intermediate petrochemicals posting a 60% jump, while prices of resins and plastics were up 23%. Synthetic fibres prices also climbed 45% , the company added.

China's state-owned petrochemical giant Sinopec has a 55.56% stake in Shanghai Petrochemical.

($1=CNY6.80)

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By: Judith Wang
+65 6780 4359



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