Sinopec Shanghai Reports Decline in Profit on Higher Sales; Advances Phase 6 Project

Sinopec Shanghai Petrochemical Co. (Shanghai), a subsidiary of Sinopec Corp., reported a decline in profit on higher revenues in the six months ended June 30, 2011. First-half profit attributable to shareholders dropped to Rmb1.43 billion ($223 million) from Rmb1.51 billion in the year-earlier period. Net sales reached Rmb46.35 billion, an increase of 38% on the same period last year. "In the first half of 2011, the Chinese economy continued to maintain stable and relatively fast growth, while China's petrochemical industry continued to maintain a healthy...

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