In the first three quarters, Shanghai Petrochemical reported a loss of 432 million yuan, turning from profit to loss

Shanghai Petrochemical Company Limited (00338.HK) announced its first three-quarter report, achieving operating revenue of 58.886 billion RMB (same below), a year-on-year decrease of 10.8%. It recorded a loss of 432 million RMB, compared to a net profit of 34.54 million RMB in the same period last year, turning from profit to loss, attributed to the decline in oil product sales; the loss per share was 4.1 cents.

In the third quarter alone, operating revenue was 19.362 billion RMB, a decrease of 13.8%; net profit attributable to shareholders was 30.6 million RMB, an increase of 361.7%, mainly benefiting from the rise in gross profit of petrochemical products; earnings per share were 0.3 cents