HONG KONG, Aug. 10 /Xinhua-PRNewswire-FirstCall/ -- Sinopec Shanghai Petrochemical Company Limited (the “Company”) is notified by the Shanghai Municipal Office of the State Administration of Taxation that from 2007, the income tax rate for the Company will be adjusted from the original 15% to 33%.
According to the estimates by the Company's finance department, the net profit of the Group (being the Company and its subsidiaries) disclosed for the first quarter of 2007 would accordingly decrease by approximately RMB227,000,000 according to the financial statements of the Company prepared based on the People's Republic of China Accounting Rules and Regulations (the net profit of the Group (being the Company and its subsidiaries) for the first quarter of 2007 as disclosed on 27 April 2007, based on PRC Accounting Rules and Regulations was RMB1,078,490,000).
The board of directors of the Company advises investors to pay attention to the investment risks involved.
This announcement is made pursuant to the general disclosure requirements under Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The Company and all members of the board of directors warrant that the information contained in this announcement is truthful, accurate and complete, and that there are no false presentations or misleading statements contained in, or material omissions from, this announcement.
As at the date of this announcement, the executive directors of the Company are Rong Guangdao, Du Chongjun, Han Zhihao, Shi Wei, Li Honggen and Dai Jinbao; the non-executive directors of the Company are Lei Dianwu and Xiang Hanyin, and the independent non-executive directors of the Company are Chen Xinyuan, Sun Chiping, Jiang Zhiquan and Zhou Yunnong.
For more information, please contact:
Ms. Christy Lai
Rikes Communications Limited
Tel: +852-2520-2201
Fax: +852-2520-2241
