29 August 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Shanghai Petrochemical Co (SPC) posted a net profit of yuan (CNY) 473m ($77m) in the first half of this year, reversing a CNY1.2bn loss in the same period of 2012, it announced on Thursday.
Revenue in the first six months ended June 2013 increased by 22.9% on year to CNY57.1bn, SPC said.
The company swung to an operating income of CNY488m for January to June this year from a CNY1.3bn loss in the corresponding period of 2012.
The improved performance is mainly attributed to higher production after its refinery underwent a capacity expansion, according to SPC.
SPC expanded its refinery capacity to 320,000 bbl/day from 280,000 bbl/day in December 2012.
In the first half of this year, SPC processed 7.7m tonnes of crude oil, up by 39.7% year on year, while the total output of all its products rose by 29.5% to 6.8m tonnes.
However, the company’s ethylene production in the first half of this year decreased by 0.2% to approximately 478,700 tonnes. Ethylene is a major chemical product for SPC.
($1 = CNY6.12)
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