Shanghai Petrochemical Co swings to CNY566m net profits in Q3

29 October 2013 03:57  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Shanghai Petrochemical Co (SPC) said on Tuesday that it registered a net profit of yuan (CNY)566.2m ($93m) in the third quarter, reversing from a CNY414.9m loss in the same year ago period.

Its revenues in June-September increased 28.9% year on year to CNY29.2bn, with operating profits in the same period swung to CNY753.3m from a negative CNY542.3m in the corresponding period one year ago, according to the company.

SPC’s net profit in the first three quarters reached CNY1bn, comparing with a loss of CNY1.6bn in the same year ago period, it said.

The profits improvement is primarily a result of better refining business, SPC said in the statement.

($1 = CNY6.09)

By: Fanny Zhang
+65 6780 4359

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