Shanghai Petrochemical Company Limited announced that the company is expected to record a profit for the six months ended 30 June 2015, which stands in contrast to the loss recorded for the same period of the last year. Under the China Accounting Standards for Business Enterprises, net profit attributable to equity shareholders of the Company is expected to be between RMB 1,680 million and RMB 1,780 million. Major reasons for turning losses into profits in the results for the period: In the first half of 2015, international crude oil prices gradually stabilised after hitting bottom in January.

The Group saw its costs of crude oil processing decreased sharply and recorded an increase in gross profit margin of its products compared with the same period last year. In addition, profits of its associates and joint ventures increased remarkably due to the decrease in the cost of raw materials and increase in the gross profits of petrochemical products.