Shanghai Petrochem announces rise in ethylene output in H1

30-Aug-05

As per the unaudited interim results for the 6 month period ended June 30, 2005, Sinopec Shanghai Petrochemical Co Ltd. has recorded an increase in ethylene output. Turnover increased by 23% and profit before tax recorded an increase of almost 19% over the corresponding period last year. A 23% increase in sales was recorded in H1 as compared to the corresponding period last year. This was possible because of a significant increase in net sales and average selling prices of the Group's four major product categories- refined petroleum products, intermediate petrochemicals, resins and plastics and synthetic fibres. Compared to the H1-2004, net sales for intermediate petrochemicals, resins and plastics increased by 52.46% and 27.47%, while their average selling prices (excluding tax) increased by 36.20% and 22.86%. The output of ethylene, synthetic fibre feed stocks and synthetic fibre polymers in the H1 amounted to 491,200 tons, 370,200 tons and 287,300 tons, respectively, representing increases of 2.10%, 14.16% and 9.88% respectively, as compared to the corresponding period last year. Propylene output saw a 262,900 tons, fall, representing a decrease of 1.23%.