Shanghai Petrochemical announces results for the first three quarters of 2012

Tuesday, Oct 30, 2012

HONG KONG, Oct. 29, 2012 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 338; SSE: 600688; NYSE: SHI) today announced the unaudited operating results of the Company and its subsidiaries (the "Group") for the nine-month period ended September 30, 2012 (the "Period").

As according to the China Accounting Standards for Business Enterprises, the Group's operating income for the Period amounted to RMB69.153 billion, representing a decrease of 6.22% over the corresponding period of the previous year. Net loss attributable to equity shareholders of the Company amounted to RMB1.609 billion (corresponding period of 2011: net profit attributable to equity shareholders of the Company of RMB1.652 billion). Basic loss per share was RMB0.224 (corresponding period of 2011: basic earnings per share of RMB0.229).

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "Overall production was smooth in the first three quarters of 2012. However, the Company's overall economic returns underperformed due to factors in the international and domestic macro-economy and industry situation, as well as the domestic refined oil price not being fully and timely adjusted accordingly. Facing the challenging production and operational environment, by strengthening management, optimizing production and enhancing efficiency, the Group pushed forward the construction of the Phase 6 Project, and at the same time maintained stable production and operations, provided a steady supply of refined oil and reduced inventory levels. The industry currently shows signs of steady recovery. However, uncertainties remain in the domestic and international economic environment as well as weak demand from downstream that will pose challenges for the industry in the fourth quarter."

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. The Company is located in Jinshanwei in southwest Shanghai. It is a highly integrated petrochemical enterprise that processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.

SOURCE Sinopec Shanghai Petrochemical Company Limited