Sinopec ethylene unit lifts nine-month profit 86pc

PUBLISHED : Monday, 27 October, 2003, 12:00am
UPDATED : Monday, 27 October, 2003, 12:00am


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Soaring product prices and output volume saw profit at H share Sinopec Shanghai Petrochemical shoot up 86.93 per cent to 911.13 million yuan (HK$854.8 million) in the first nine months of the year.

The company - China's largest maker of ethylene, a key plastics raw material - said its performance was closely geared to the mainland economy which registered a 9.1 per cent year-on-year growth in the first three quarters.

Its strong showing was foreshadowed two weeks ago when the company said it expected its net profit to grow by more than 50 per cent for the full year. The latest figures also extended hefty profit gains of 132 per cent recorded in the first half of this year.

The company said war in Iraq lifted the unit cost of crude oil processing by 25.75 per cent to 1,844 per ton during the period. That was mitigated, however, by rising petrochemical product prices.

Selling prices grew across the board on a consolidated weighted average - notably a 31.56 per cent surge in intermediate petrochemical products and a 20.53 per cent gain on petroleum products.

The company also recorded increases in processing of crude oil and major petrochemical products, thanks to the completion of the phase IV project and the beginning of operations of the newly constructed facilities in the first half of last year.

About 6.31 million tonnes of crude oil was processed, up 19.61 per cent, while petrochemicals output volume all recorded strong increases. Overall core income amounted to 21.64 billion yuan, up 41.95 per cent over a year earlier.