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FINANCIAL NEWS
Kuwait- QPIC reports sharp drop in quarterly profit
22 Apr 2010
(MENAFN) Qurain Petrochemicals Industries Company (QPIC) said its first quarter net profit dropped to $11.24 million from $30.4 million in the same period last year, AP reported.
The decline in earnings is largely due to lower petrochemical prices in the first half of 2009 and pre-operating expenses of associate companies, namely The Kuwait Aromatics Company, it added.
The Paraxylene Project has now been completed and the Kuwait Aromatics Company can now benefit from this new operation going forward, the chairman explained.
The two quarter delay in the completion of the Paraxylene Project created additional pre-operating expenses for Kuwait Aromatics Company and resulting in a net loss.
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