Shanghai Petrochemical warns of 61pc profit drop

Business | 21 Jan 2020 8:38 pm

Shanghai Petrochemical (0338) warned that net profit last year could slump by 55 percent to 61 percent year-on-year to between 2.88 billion yuan (HK$3.24 billion) and 3.24 billion yuan.

This is mainly attributed to the significant drop in the average selling price of the company's products last year and the narrower spread between high and low sulphur, and light and heavy crude oil in the international crude oil market, which weakened the company's cost advantage in processing high-sulphur and heavy crude oil.

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