28 March 2013 03:50 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Shanghai Petrochemical said on Thursday its net loss for the whole fiscal year of 2012 was at yuan (CNY) 1.5bn ($242m), a reversal from the CNY944m net profit it made a year earlier.
Revenue in 2012 fell by 2.7% from a year ago to CNY93.1bn, Sinopec Shanghai Petrochemical said in a statement filed with the Shanghai Stock Exchange (SSE).
The company swung to an operating loss of CNY2.0bn in 2012 from an operating profit of CNY1.3bn in 2011, as a result of plummeting chemical product prices and losses made in the oil-refining sectors because of high costs.
Demand from the Chinese domestic petrochemical industry was weak throughout 2012 because of a slowdown in global economic growth, which weighed down market prices, Sinopec Shanghai Petrochemical said.
($1 = CNY6.21)
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