Under the China Accounting Standards for Business Enterprises, the Group's revenue for the Period amounted to RMB86.356 billion (corresponding period of 2012: RMB69.153 billion). It recorded an operating profit of RMB1.395 billion (corresponding period of 2012: an operating loss of RMB2.237 billion).
Net profit attributable to equity shareholders of the Company was RMB1.004 billion (corresponding period of 2012: net loss attributable to equity shareholders of the Company of RMB1.609 billion). Basic earnings per share was RMB0.139 (corresponding period of 2012: basic loss per share of RMB0.224).
Mr. Wang Zhiqing, Shanghai Petrochemical's Chairman, said, "Since the Refinery Revamping and Expansion Project was fully completed and put into operation at the end of 2012, the Group's existing crude oil processing capacity and adaptability were enhanced in the first three quarters of 2013, and the room for optimising it intermediate raw materials and product mix had further expanded, which led to improved ability of the Company to achieve profitability on its refinery operations.
“Although the market petrochemical prices did not show a clear uptrend, overall prices remained stable. We believe that the Group will return to profitability for the financial year of 2013.
"The Group will continue to focus on improving the quality and efficiency of its development and will give fully play to the advantage of the Refinery Revamping and Expansion Project by focusing on production safety, environmental protection and stable operation through employing systematic optimisation and upgrade as a means to achieve the Group's annual target."
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 the southwest of Shanghai, it is a highly integrated petrochemical enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
Sinopec Shanghai Petrochemical
Textiles | On 10th Dec 2016
The import of cotton from international markets by spinning mills in...
Textiles | On 10th Dec 2016
The import of textiles and apparel by United States dropped 6.50 per...
‘There has been an increase in demand for water based inks, rather than...
Dow Microbial Control
'Silvadur is most rapidly adopted in areas where hygiene-conscious and...
Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd
Increasing prices and lack of demand main issues facing industry
Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...
Coating at a fibre level is a practice not usually seen in the...
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
Somaiya Kala Vidya
Among the many honours showered on Frater, including Fulbright and Ford...