Largest Petrochemical Company in China Records Profit in the First Quarter of 2015

Published Date : Apr 24, 2015

China’s largest petrochemical company, Shanghai Petrochemicals announced its results for the first quarter of 2015. According to Mr. Wang Zhiqing, the chairman of Shanghai Petrochemicals, the group has recorded profit in the first quarter of this year compared to the losses registered during the same duration last year. Mr. Wang mentioned that the profit was due to the low prices of international crude oil, which resulted in the lower cost for oil processing and increase in the gross profits by the group. He added that his organization is committed to the compliance of the environmental and safety regulations associated with oil processing and refining.

According to the China Accounting Standards for Business Enterprises, Shanghai Petrochemicals registered revenue of RMB19.630 billion in the first three months of this year. An operating profit of RMB63 million was recorded which was better than the last year when the company registered an operating loss of RMB60 million during the corresponding period. The net profit attributable to equity shareholders was valued at RMB52 million in the first quarter and basic earnings per share was reported to be RMB0.005. Shanghai Petrochemical was one of the pioneering companies in the petrochemical field to complete a global securities offering. The group is known as a highly integrated petrochemical enterprise which processes crude oil into resins, synthetic fibers, plastics, petrochemicals, and petroleum products. Mr. Wang mentioned that the company is aiming to maintain a good momentum in its operations while stressing on industrial structure adjustment and improving its products.