Sinopec Shanghai Petrochemical Co. Ltd. (SHI), Friday reported a decline in profit for the first-half of the year despite a surge in revenues, hurt by higher sales cost as well as increase in selling and administrative expenses.
First-half profit attributable to shareholders dropped to 1.43 billion renminbi or $0.198 renminbi per share from 1.51 billion renminbi or 0.210 renminbi per share last year.
Turnover, i.e. net sales plus sales taxes and surcharges, for the 6-month period grew about 37 percent to 49.5 billion renminbi from last year. Net sales advanced 37.6 percent to 46.35 billion renminbi from 33.7 billion renminbi last year.
Net sales of petroleum products, intermediate petrochemicals, resins and plastics, synthetic fibers and trading of petrochemical products grew by 46.8 percent, 29.9 percent, 13.0 percent, 22.5 percent and 87.1 percent, respectively.
Total volume of goods produced rose by 14.9 percent from last year. During the period, the group processed 5.7 million tons of crude oil, an improvement of 12.6 percent year-on-year. The group's average unit cost of crude oil processed was 4,937.91 renminbi per ton in the first half, representing an increase of 25.6 percent year-on-year.
Selling and administrative expenses rose to 335.4 million renminbi from 255.6 million renminbi last year.
The company's board did not recommend any interim dividend for 2011.
SHI is currently trading on NYSE at $36.16, up $0.96 or 2.73%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.