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FINANCIAL NEWS
Kuwait’s QPIC reports $5.6m loss by Sep.-end
11 Nov 2010
(MENAFN) Kuwait-based Qurain Petrochemicals Industries Company (QPIC) has registered a net loss of $5.64 million for the first nine months compared to $27.6 million in the same period last year, Kuna reported.
Commenting on the results, QPIC chairman Sheikh Mubarak Abduallah Al-Sabah said the loss was mainly due to the poor performance of Kuwait Paraxylene Company (KPPC)�s paraxylene plant.
KPPC is 20 percent owned by QPIC through its ownership of the Kuwait Aromatics Company, 40 percent owned by Kuwait Petroleum Company (KPC) through its interest in Petrochemical Industries Company (PIC), and 40 per ent owned by Kuwait National Petroleum Company (KNPC).
Sheikh Mubarak pointed out that the operating losses suffered by KPPC were mainly due to the high cost of raw materials from KNPC and a slump in the global price of paraxylene.
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