Home / Knowledge / News / Textiles / Sinopec achieves turnaround from loss to profit of RMB1,591 mn
Sinopec achieves turnaround from loss to profit of RMB1,591 mn
29
Mar '10
Sinopec Shanghai Petrochemical Company Limited announced the audited operating results of the Company and its subsidiaries prepared under International Financial Reporting Standards for the year ended December 31, 2009.

According to IFRS, turnover of the Group for the Year amounted to RMB51,657.9 million (2008: RMB60,226.9 million). Profit attributable to equity shareholders of the Company amounted to RMB1,591.0 million (2008: RMB6,238.4 million in loss), and basic earnings per share was RMB0.221 (2008: Loss per share RMB0.866). The board of directors recommended payment of a dividend of RMB0.30 per 10 shares (including tax) for the Year (2008: Nil).

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In 2009, the Group took an aggressive approach to cope with the profound impact brought by the global financial crisis by striving to capitalize on the favorable conditions such as the substantial fall in international crude oil prices compared to the previous year, the improved macroeconomic policies and the recovery of the petrochemical market, and pushed ahead various work in full scale on production operations as well as reform and development. As a result, production operations remained sound and stable; all the projects related to the structural adjustment project (Phase 5) were completed; corporate management was strengthened; and the system reform of auxiliary businesses was completed smoothly. The major objectives identified at the beginning of 2009 were fully achieved and profitability had substantially improved over the previous year."

In 2009, the Group's net sales amounted to RMB47,345.3 million, representing a decrease of 20.20% over the previous year, of which net sales derived from synthetic fibres, resins and plastics, intermediate petrochemical products and petroleum products decreased by 22.89%, 17.42%, 18.02% and 31.34%, respectively.

The Group strived to maintain stable production operations on an ongoing basis. It processed 8,757,800 tons of crude oil, down 5.20% over the previous year. Production output of gasoline, diesel and jet fuel decreased by 11.16% over the previous year, among which output of gasoline was 806,000 tons, up 4.28% over the previous year; output of diesel was 2,802,600 tons, down 18.02% over the previous year; and output of jet fuel was 679,000 tons, up 6.98% over the previous year. The Group produced 927,700 tons of ethylene and 487,600 tons of propylene, up 4.75% and 0.06%, respectively, over the previous year. The Group also produced 1,089,800 tons of synthetic resins and copolymers, up 9.13% over the previous year; 508,700 tons of synthetic fibre monomers and 599,700 tons of synthetic fibre polymers, up 10.13% and 2.42%, respectively, over the previous year; and 241,300 tons of synthetic fibres, down 10.63% over the previous year. Meanwhile, the quality of the Group's products was consistently maintained at a premium level. The Group's output-to-sales ratioand receivables recovery ratio were 99.62% and 99.52%, respectively.


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search