Sinopec Shanghai Petrochemical Forecasts Return to Profit in H1; Hong Kong Shares Down 4%

MT Newswires Live

07/15

Sinopec Shanghai Petrochemical (SHA:600688, HKG:0338) forecasts it will return to an attributable profit of between 234 million yuan and 351 million yuan in the first half, against an attributable loss of 462.1 million yuan in the year-ago period.

The oil refining and petrochemical company attributed the upbeat forecast to the upward trend of crude oil prices, according to a Tuesday Hong Kong bourse filing.

Shares of the company fell over 4% in recent trade.

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