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FINANCIAL NEWS
Qatari Mesaieed’s net profit falls 43 percent in Jan-Sep
28 Oct 2015
(MENAFN) Qatar-based Mesaieed Petrochemical Holding Company recorded a 42.9 percent y-o-y drop in its gross profit for the nine months to September.
Its net profit for the cited period totaled USD215.7 million, as opposed to USD356 million registered during the first nine months of the previous year.
The y-o-y deterioration in earnings was a result of a number of maintenance shutdowns, not to mention the decline in the price of petrochemicals.
“The maintenance shutdowns were essential requirement for large, industrial plants as they can help minimize unplanned disruption,” the company stated.
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