OREANDA-NEWS. September 04, 2012. Sinopec Shanghai Petrochemical Company Limited (SHI) released the unaudited operating results for the six-month period ended 30th June 2012, reporting a net loss after taxation for the period compared with profit in the corresponding period last year, on lower revenues.

One of the largest petrochemical companies in China reported net loss after taxation and non-controlling interests of RMB 1.15 billion compared with net profit of RMB 1.42 billion reported for the corresponding six-month period in 2011.

Basic loss per share for the first half f 2012 were RMB 0.160, compared with basic earnings per share of RMB 0.198 reported for the Interim period in the previous year.

Total Turnover for the Group for the first half of 2012 declined 6.18 percent to RMB 46.44 billion from the corresponding period in the previous year.

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In the first half of 2012, the economic growth in China decelerated. With respect to the petroleum and chemical industry, production growth slowed down; demand from the industry was sluggish; market prices fell; and government regulated the price of refined oil.