China’s Sinopec Shanghai Petrochemical posts $242m net loss in ‘12

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)

By: Viola Pan
+65 6780 4359

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