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Ethylene production volume reaches relatively good levels, Sinopec

01 Sep '10

5 min read

Sinopec Shanghai Petrochemical Company Limited announced the unaudited operating results of the Company and its subsidiaries for the six-month period ended June 30, 2010 prepared under International Financial Reporting Standards.

Under IFRS, turnover of the Group during the Period amounted to RMB36,128.3 million, an increase of 70.59% as compared to the corresponding period of the previous year, while profit attributable to equity shareholders of the Company was RMB1,515.1 million, an increase of 51.22% year-on-year. Basic earnings per share was RMB0.210 (2009 interim: RMB0.139). The board of directors does not recommend the payment of any interim dividend for 2010 (2009 interim: Nil).

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In the first half of 2010, the global economy had in general entered a recovery cycle, resulting in a better macro-economic domestic and international environment as compared to the corresponding period of the previous year.

“Given China's petrochemical industry maintained a sound economic operation, the Group fully seized market opportunities, strived with all its strength to increase product output volume and carried out various tasks on production, operation, reform and development.

“During the Period, the Group's crude oil processing volume and ethylene production volume reached relatively good levels as compared to previous corresponding periods. Major technical and economic indices also improved substantially year-on-year. As a result, the Group achieved satisfactory increases in profits."

In the first half of 2010, the Group realized net sales of RMB33,678.2 million, representing an increase of 76.47% as compared to the corresponding period of the previous year, of which net sales derived from synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products increased by 45.13%, 31.42%, 239.51% and 67.22% respectively.

Such increases were primarily attributable to a substantial increase in sales volume of most products of the Group in the first half of the year, as well as increased prices of raw materials and energy which resulted in increased prices for the Group's products.

Owing to the full completion and commissioning of the Phase 5 Project, the Group's product portfolio was further improved and its resources utilization efficiency was enhanced in the first half of 2010. During the Period, the output volumes of the Group's products increased substantially over the corresponding period of the previous year.

The Group processed 5,042,800 tons of crude oil, an increase of 20.21% year-on-year. In respect of the total amount of processed crude oil, the output of gasoline, diesel and jet fuel increased by 18.50% over the corresponding period of the previous year, among which the output of gasoline, diesel and jet fuel was 462,900 tons, 1,540,000 tons and 380,500 tons respectively, representing an increase of 6.00%, 21.04% and 25.87% year-on-year respectively.

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