HONG KONG, Oct. 22, 2015 /PRNewswire/ -- Sinopec Shanghai
Petrochemical Company Limited ("Shanghai Petrochemical" or the
"Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced
the unaudited operating results of the Company and its subsidiaries
(the "Group") for the nine-month period ended September 30, 2015 (the "Period").
Under the China Accounting Standards for Business Enterprises,
the Group's revenue for the Period amounted to RMB61.558 billion (corresponding period of 2014:
RMB76.719 billion). It recorded an
operating profit of RMB2.919 billion
(corresponding period of 2014: an operating loss of RMB252 million). Net profit attributable to
equity shareholders of the Company was RMB2.246 billion (corresponding period of 2014:
net loss attributable to equity shareholders of the Company of
RMB152 million). Basic earnings per
share amounted to RMB0.208
(corresponding period of 2014: basic loss per share of RMB0.014).
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In
the first three quarters of 2015, international crude oil prices
continued to fluctuate at low levels, leading to a significant
decrease in the Group's cost of major raw materials and an increase
in gross profit of its products. The Group recorded profit for the
first three quarters ended 30 September
2015 as opposed to the loss recorded for the same period
last year. The Group will continue to ramp up its efforts in
structure optimization, cost-saving and profit-increasing, and will
enhance efforts in safety and environmental protection, production
and operations, as well as intensification of its management. The
Group will continue to endeavor to maximize economic benefits for
sustainable growth, and to maintain a good momentum in its
operations."
Shanghai Petrochemical is one of the largest petrochemical
companies in China in terms of
sales revenue and was one of the first Chinese companies to
complete a global securities offering. Located at Jinshanwei in
southwest Shanghai, the Group is a
highly integrated petrochemicals enterprise which processes crude
oil into a broad range of products such as synthetic fibres, resins
and plastics, intermediate petrochemicals and petroleum
products.
***
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
The accuracy of these statements may be impacted by a number of
business risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks such as the risk that the PRC economy may not grow at the
same rate in future periods as it has in the last several years, or
at all, due to the PRC government's implementation of
macro-economic control measures to curb over-heating of the
economy; the risk of uncertainty as to global economic growth in
future periods; the risk that prices of the Company's raw
materials, particularly crude oil, will continue to increase, the
Company may not be able to raise the prices of its products as
appropriate, which would adversely affect the Company's
profitability; the risk that new marketing and sales strategies may
not be effective; the risk that fluctuations in demand for the
Company's products may cause the Company to either over-invest or
under-invest in production capacity in one or more of its four
major product categories; the risk that investments in new
technologies and development cycles may not produce the benefits
anticipated by the management; the risk that the trading price of
the Company's shares may decrease for a variety of reasons, some of
which may be beyond the control of the management; the risk of
competition in the Company's existing and potential markets; and
other risks outlined in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update this forward-looking information, except
as required under applicable laws.
Encl: Consolidated Income Statement (Unaudited):
http://photos.prnasia.com/prnk/20151022/8521507115
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SOURCE Sinopec Shanghai Petrochemical Company Limited