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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.