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Sinopec Shanghai Petrochemical Co ( (HK:0338) ) has issued an announcement.
Sinopec Shanghai Petrochemical Company Limited announced a provision for asset impairment amounting to RMB286 million for the year 2024. This decision, approved by the company’s supervisory committee and board of directors, aims to accurately reflect the company’s financial position and operating results. The impairment primarily results from an inventory write-down, which has reduced the company’s consolidated net profit by RMB214 million. The board believes this provision aligns with the company’s accounting policies and standards, ensuring a fair representation of asset conditions.
More about Sinopec Shanghai Petrochemical Co
Sinopec Shanghai Petrochemical Co is a joint stock limited company incorporated in the People’s Republic of China. It operates within the petrochemical industry, focusing on the production and sale of petrochemical products, synthetic fibers, resins, and plastics, serving both domestic and international markets.
YTD Price Performance: 14.29%
Average Trading Volume: 41,910
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $4.04B
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