Shanghai Petrochemical Announces Results for the First Three Quarters of 2011


HONG KONG, Oct. 27. 2011 /PRNewswire-Asia/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (00338.HK600688.SHNYSE: SHI) announced today the unaudited operating results of the Company and its subsidiaries (the "Group") for the nine-month period ended September 30, 2011 (the "Period").

Under the China Accounting Standards for Business Enterprises, the Group's operating income for the Period amounted to RMB73.743 billion, representing an increase of 33.64% over the corresponding period of the previous year. Operating profit amounted to RMB2.192 billion (corresponding period of 2010: RMB2.271 billion). Net profit attributable to equity shareholders of the Company amounted to RMB1.652 billion (corresponding period of 2010: RMB1.792 billion). Basic earnings per share was RMB0.229 (corresponding period of 2010: RMB0.249).

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In the first three quarters of 2011, the economic operation of the domestic petrochemical industry maintained a steady trend in general. The Group proceeded actively with various tasks, leading to increases in sales volumes and unit prices of products of the Company. As a result, operating income of the Company increased. However, international crude oil prices fluctuated at high levels, resulting in an increase in operating costs; the prices of domestic refined oil products were not adjusted adequately and timely enough; and the competition was further intensified for petrochemicals. Faced with various uncertainties both at home and abroad and operation pressure, the Company will continue to focus on the operation of its plants, further enhance production and operation, push forward in full scale the construction of the Phase 6 Project, constantly enhance its development potential and strive to improve profitability."

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 in the Jinshan District which is at 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.



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