Shanghai Petrochemical synthetic fibres output drops

01 Sep '07

3 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, 2007 (the Period).

Under the International Financial Reporting Standards, the Group's turnover was RMB26,820.2 million, up 14.42% on a year-on-year basis. Profit before taxation was RMB2,469.1 million, representing a 45.85-fold increase on a year-on-year basis which was the best ever for the corresponding period in the Company's history. Meanwhile, profit after taxation and minority interests rose from RMB1,779.9 million to RMB1,785.6 million; and basic earnings per share was RMB0.248 (2006 interim: RMB0.001).

The board of directors did not recommend any interim dividend for 2007 (2006 interim:Nil).

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In the first half of 2007, in light of the unfavorable conditions resulting from sustained high volatility of international crude oil prices, surging prices of raw materials and intensifying market competition, the Group implemented a low- cost strategy as its main course of action while focusing on improving economic efficiency, striving to reduce costs and charges.

As such, the turnover increased by approximately RMB 3,400 million when compared to the same period in 2006. Profit before taxation set a new high. In addition, the Group maintained stable operations and production during the first half of 2007 .

The number of unscheduled suspensions for major production facilities decreased by 7.14% over the corresponding period of the previous year, whereas the output-to-sales ratio and the receivable recovery ratio remained at satisfactory levels."

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