China's top ethylene maker forewarns of FY08 loss; curtails ethylene production by 30%

25-Dec-08
China's largest ethylene producer, Sinopec Shanghai Petrochemical Co Ltd has forewarned a loss for FY-08 driven by a 60% reduction in its major products largely due to drastic decline in price levels and deteriorating global macro economic situation. The company witnessed a net loss of CNY 2.32 bln (US$339 mln) in Q3 - 08 and it reportedly expects to see an even larger loss for Q4 - 08. To further the gloomy situation, the company will not receive refining subsidies from the Chinese government the last quarter of 2008. Although the company has curtailed ethylene production by 30% to lessen the impact of declining demand, the high-priced crude oil procured during the Q3 will make a dent in the last quarter's results.
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