Informative Announcement in respect of Turning Loss into Profit for the First Quarterly Results of 2007
All members of the board of directors of the Company warrant the truthfulness, accuracy and completeness of the information contained in this announcement, and jointly accept full responsibility for any false statements, misleading representations or material omissions of the Company in this announcement.
This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the relevant regulation issued by the Shanghai Stock Exchange.
1. Estimates on the results of this quarter
According to the preliminary estimates of the Accounting Department of Sinopec Shanghai Petrochemical Company Limited (the “Company”), the Company estimates that it will record a profit for the first quarter of 2007.
2. Results for the corresponding period of last year
For the first quarter of 2006, under the People’s Republic of China Accounting Standards and Regulations, the Company recorded a loss of RMB154,283,000, with earnings per share being a loss of RMB0.021.
3. Explanation for change in results
Compared to the first quarter of 2006, crude oil processing costs of the Company decreased in the first quarter of 2007. Meanwhile, the selling prices of most products increased to some extent. Accordingly, the Company will record a profit for its overall 2007 first quarterly results.
Specific data will be disclosed in detail in the 2007 first quarterly report of the Company.
Sinopec Shanghai Petrochemical Company Limited
Shanghai, the PRC, 9 April 2007
As at the date of this announcement, the executive directors of the Company are Rong Guangdao, Du Chongjun, Han Zhihao, Shi Wei, Li Honggen, and Dai Jinbao; the non-executive directors of the Company are Lei Dianwu and Xiang Hanyin, and the independent non-executive directors of the Company are Chen Xinyuan, Sun Chiping, Jiang Zhiquan and Zhou Yunnong.