OREANDA-NEWS. May 04, 2011. Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) announced today the unaudited operating results of the Company and its subsidiaries (the "Group") for the three-month period ended March 31, 2011 (the "Period").

Under the China Accounting Standards for Business Enterprises, the Group's operating income for the Period amounted to RMB24.634 billion, representing an increase of 31.45% over the corresponding period of the previous year. Operating profit was RMB1.200 billion, up 4.74% year-on-year. Net profit attributable to equity shareholders of the Company amounted to RMB0.912 billion, an increase of 1.85% year-on-year. Basic earnings per share was RMB0.127 (1Q 2010: RMB0.124).

Mr. Rong Guangdao, Chairman of Shanghai Petrochemical, said, "In the first quarter of 2011, China's macroeconomic situation improved further, leading to increases in the sales volume and unit price of products of the Company. As a result, operating income of the Company increased. However, unit cost of crude oil of the Company also rose as international crude oil prices stayed high, which resulted in an increase in operating costs. Faced with the pressure of oil refining cost, the Company will continuously optimize production and operation."

Shanghai Petrochemical is one of the largest petrochemical companies in the PRC and was one of the first Chinese companies to effect a global securities offering. Located at Jinshanwei in the southwest of Shanghai, it is a highly integrated petrochemical complex which processes crude oil into a broad range of products in synthetic fibres, plastics and resins, intermediate petrochemicals and refined oil products.