Sinopec Shanghai Petrochemical Company Limited announced the unaudited interim results of the Company and its subsidiaries (the Group) for the six-month periods ended June 30, 2005 (the Period).
Under the International Financial Reporting Standards, turnover for the Period increased by 23.11 percent over the corresponding period last year to approximately RMB21.886 billion; profit before tax was RMB2.158 billion, an increase of 18.57 percent over the corresponding period last year; profit attributable to shareholders was RMB1.763 billion, an increase of 15.96 percent as compared to the corresponding period last year; and earnings per share was RMB0.245 (2004 interim: RMB0.211). The Board of Directors did not recommend any interim dividend for 2005 (2004 interim: Nil).
In the first half of 2005, the Group realized net sales of RMB21.508 billion, an increase of 23.41 percent as compared to the corresponding period last year. Net sales and average selling prices of the Group's four major product categories, namely refined petroleum products, intermediate petrochemicals, resins and plastics and synthetic fibres, increased significantly.
Compared to the first half of 2004, net sales of these four major product categories increased by 35.84 percent, 52.46 percent, 27.47 percent and 1.37 percent, respectively, while their average selling prices (excluding tax) increased by 21.44 percent, 36.20 percent, 22.86 percent and 14.34 percent, respectively.
During the Period, the Group processed 4,780,800 tons of crude oil and produced 1,602,400 tons of diesel and 360,900 tons of jet fuel, representing increases of 5.52 percent, 18.23 percent and 9.24 percent, respectively, as compared to the corresponding period last year.
The output of gasoline was 417,700 tons, a decrease of 13.01 percent as compared to the corresponding period last year. The output of ethylene, synthetic fibre feed-stocks and synthetic fibre polymers in the first half year amounted to 491,200 tons, 370,200 tons and 287,300 tons, respectively, representing increases of 2.10 percent, 14.16 percent and 9.88 percent, respectively, as compared to the corresponding period last year.
The output of propylene, synthetic resins and plastics as well as synthetic fibres were 262,900 tons, 529,000 tons and 179,600 tons, respectively, representing decreases of 1.23 percent, 2.08 percent and 2.93 percent, respectively, over the corresponding period last year.
