Commodity Online
Sinopec Shanghai Petro-Chemical Co. Ltd (SHA:600688) has announced that it expects a net profit in the first-half of 2009 whereas considering Chinese Accounting Standards (CAS) it faced a net loss of RMB 372.8 million in first-half of 2008.

Sinopec Shanghai Petro-Chemical Co. Ltd. is a China-based petrochemical company.

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Sinopec Shanghai is expecting a profit in current year on account of declining crude oil prices and from the government's revision of price caps for petroleum products.

Its Q2 2009 profit is expected to surpass Q1 2009 profit of RMB 164.4 million. However it filed a net-loss of RMB 6.2 billion in 2008.

Sinopec Shanghai closed at 8.78 on Monday at Shanghai Stock Exchange whereas it touched a 52-week high of 8.87 and low of 3.58.