Sinopec Shanghai Petrochemical Co., Ltd., an integral part of the Sinopec group, posted a net loss of CNY6.2 bln for FY 2008, marking a remarkable net profit decline of 492.27% from the previous year. The company's operating profit nose-dived 589.26% posting a disappointing CNY10.3 bln. Sinopec Shanghai Petrochemical recorded loss in chemicals as well as the oil refining businesses. The parent group, China Petroleum & Chemical Co., Ltd. (Sinopec), saw decline of 47.5% decline in FY 2008 net profit posting CNY29.7 bln compared to the same period last year (post receipt of CNY50.3 bln in government subsidies). The dismal results were a result of the difference between the domestic refined oil prices and the gradually climbing global crude oil prices, while the demand for chemicals declined considerably.
02-Apr-09 
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