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Sinopec Shanghai Petrochemical Reports Loss as Growth Decelerates

8:33 PM MDT | August 27, 2012 | Natasha Alperowicz

Sinopec Shanghai Petrochemical Co. reported an after tax loss of Rmb1.15 billion ($181.6 million) for the first six months of 2012. This compares with an interim profit of Rmb1.42 billion in the corresponding period of 2011.  Revenues in the first six months of this year declined 6.18% to Rmb46.4 billion.   "In the first half of 2012, the economic growth in China decelerated…[and growth in] the petroleum and chemical industry slowed down,” says Rong Guangdao chairman of Shanghai Petrochemical. Demand was sluggish, market prices fell...

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