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00338 SHANGHAI PECHEM
RTNominal up1.050 +0.030 (+2.941%)
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21/01/2020 17:30

Shanghai Pechem (00338) sees 55-61% decrease in year net

[ET Net News Agency, 21 January 2020] Sinopec Shanghai Petrochemical Company Limited
(00338) said it is expected that the net profit attributable to the equity shareholders of
the company in 2019 will decrease by around RMB2.883 billion to RMB3.243 billion as
compared with the same period of last year, representing a year-on-year decrease of 55% to
61%.
In 2019, the average selling price of the company's products for the whole year dropped
significantly and, as a result the gross profit of the company's products fell
significantly. Also, the spread between high and low sulphur, and light and heavy crude
oil in international crude oil market narrowed, and the company's cost advantage in
processing high-sulphur and heavy crude oil has been diminished. (RC)

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