Shanghai Petrochemical Announces Results for the Third Quarter of 2013
HONG KONG, Oct. 28, 2013 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; 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, 2013 (the "Period").
Under the China Accounting Standards for Business Enterprises, the Group's revenue for the Period amounted to RMB86.356 billion (corresponding period of 2012: RMB69.153 billion). It recorded an operating profit of RMB1.395 billion (corresponding period of 2012: an operating loss of RMB2.237 billion). Net profit attributable to equity shareholders of the Company was RMB1.004 billion (corresponding period of 2012: net loss attributable to equity shareholders of the Company of RMB1.609 billion). Basic earnings per share was RMB0.139 (corresponding period of 2012: basic loss per share of RMB0.224).
Mr. Wang Zhiqing, Shanghai Petrochemical's Chairman, said, "Since the Refinery Revamping and Expansion Project was fully completed and put into operation at the end of 2012, the Group's existing crude oil processing capacity and adaptability were enhanced in the first three quarters of 2013, and the room for optimising it intermediate raw materials and product mix had further expanded, which led to improved ability of the Company to achieve profitability on its refinery operations. Although the market petrochemical prices did not show a clear uptrend, overall prices remained stable. We believe that the Group will return to profitability for the financial year of 2013. The Group will continue to focus on improving the quality and efficiency of its development and will give fully play to the advantage of the Refinery Revamping and Expansion Project by focusing on production safety, environmental protection and stable operation through employing systematic optimisation and upgrade as a means to achieve the Group's annual target."
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. Located at Jinshanwei in the southwest of Shanghai, it is a highly integrated petrochemical enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, due to the PRC government's implementation of macro-economic control measures to curb over-heating of the economy; the risk of uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase, the Company may not be able to raise the prices of its products as appropriate, which would adversely affect the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by the management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of the management; the risk of competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable laws.
Consolidated Income Statement (Unaudited): http://www.prnasia.com/sa/attachment/2013/10/20131028234029717950.pdf
SOURCE Sinopec Shanghai Petrochemical Company Limited