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Shanghai Petrochemical's acrylic fibre output tops the nation

Mar '07
Sinopec Shanghai Petrochemical Company Limited (Shanghai trochemical) announced the audited operating results of the Company and its subsidiaries prepared under the International Financial Reporting Standards for the year ended December 31, 2006.

Turnover of the Group for 2006 amounted to RMB50,599.5 million, representing an increase of 10.10% as compared to 2005. Profit before tax was RMB964.2 million, representing a decrease of 57.85% as compared to 2005.

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In 2006, the world's economy maintained relatively fast growth while the global petrochemical industry witnessed solid development in overall terms. However, due to the continued rise in international crude oil prices, the Group's production cost witnessed a substantial rise as compared to 2005.

In addition, the Chinese government continued to maintain price controls on petroleum products. Despite being granted a subsidy of RMB282.1 million by the Ministry of Finance, the Group was unable to fully cover the loss arising from the sales of petroleum products. As a result, the Group's economic efficiency saw a substantial fall over 2005, even though its turnover in 2006 broke the RMB50 billion threshold."

In 2006, total net sales of the Group increased by 10.46% as compared with 2005 to RMB49,918.1 million. The demand for petrochemical products in China remained strong, thus causing the price of many products to increase as compared with 2005. The weighted average prices (exclusive of tax) of synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products increased 4.26%, 9.02%, 3.47% and 14.11%, respectively, as compared to 2005.

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