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Sinopec Shanghai expects 70% profit drop for 2011

Jan. 19, 2012 (China Knowledge) - Sinopec Shanghai Petrochemical Co Ltd<600688><0338>, which is the largest ethylene producer in China, estimated that its net profit attributable to shareholders for 2011 might have plunged between 50% and 70% from 2010.

The Shanghai and Hong Kong-listed firm attributed the profit plunge principally to higher international crude oil prices.

Weak demand for petrochemical products in the fourth quarter of 2011 also resulted in the profit drop of last year, said the company.

In 2010, the ethylene producer's net profit attributable to shareholders stood at RMB 2.77 billion under the International Financial Reporting Standards and the firm's earnings per share were RMB 0.385.

Under the China Accounting Standards and System, the company earned RMB 2.7 billion in net profit attributable to shareholders in 2010 with EPS of RMB 0.376.

Detailed fiscal figures will be disclosed in the 2011 annual report of the company.

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