HONG KONG, Oct. 27, 2016 /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, 2016 (the "Period").
Under the China Accounting Standards for Business Enterprises,
the Group's revenue for the Period amounted to RMB54.585 billion (corresponding period of 2015:
RMB61.558 billion). It recorded an
operating profit of RMB5.309 billion
(corresponding period of 2015: RMB2.919
billion). Net profit attributable to equity shareholders of
the Company was RMB4.130 billion
(corresponding period of 2015: RMB2.246
billion). Basic earnings per share amounted to RMB0.382 (corresponding period of 2015:
RMB0.208).
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In
the first three quarters of 2016, the decrease in prices of the
Company's products was smaller when compared with the decrease in
the costs of the raw materials it procured, which led to an
increase in gross profit. Of which, in the first quarter of 2016,
the policy of "floor price" for domestic refined oil and the
rebound of international crude oil prices provided support to the
profit of the Company. Adhering to the foundation of safe and
environmental-friendly production, the Group will continue to
optimize the production and operation process, enhance the
development quality and efficiency, adjust the product structure
swiftly and strive for better 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 at Jinshanwei in
southwest Shanghai, the Group is a
highly integrated petrochemicals 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.
Encl: Consolidated Income
Statement
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SOURCE Sinopec Shanghai Petrochemical Company Limited