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

AddThis Social Bookmark Button

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.

Printer Friendly

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