SINOPEC SHANGHAI NET SALES RISE 33.24PCT IN 2003.

Publication: AsiaPulse News

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COPYRIGHT 2004 Asia Pulse Pty Ltd

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HONG KONG, March 28 XFNHK-AsiaNet - The Sinopec Shanghai Petrochemical Company Limited (SHI) announced today the annual results for the year ended December 31, 2003 (the "Year") of the Company and its subsidiaries ("Shanghai Petrochemical" or the "Company").

Net sales for the year increased by 33.24% to RMB28,942.7 million, compared to 2002.

Profit before tax was RMB1,590.4 million, representing an increase of 52.18% as compared to 2002.

Profit attributable to shareholders was RMB1,401.7 million, representing an increase of 52.97% as compared to 2002. Earnings per share was RMB0.195 (2002: RMB0.127). The Board of Directors has recommended a dividend of RMB0.08 per share for the Year, equivalent to RMB8.00 per American Depositary Share.

Mr. Lu Yiping, Chairman of Shanghai Petrochemical, said: "The company has achieved satisfactory operating results in 2003, another year...

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