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FINANCIAL NEWS
Saudi Kayan posts USD18.95m loss in Q1
15 Apr 2012
(MENAFN) Saudi Kayan Petrochemical Company (Saudi Kayan) said that net loss for the first quarter hiked 753.8 percent from the USD2.22 million loss recorded in 2011’s same period to USD18.95 million, reported Arab News.
The company added that gross profit in the period reached USD35.24 million.
Moreover, operating profit in the quarter reached USD20.16 million.
It also said that net loss for the quarter plunged 62.72 percent from the net loss of USD50.84 million in 2011’s fourth quarter.
It is worth noting that the decline in losses as compared with the previous quarter is attributed to the improvement in products’ sales prices, in spite of the rise of feedstock and reduction in production and sale volume due to unscheduled shutdown to most of the firm’s plants from January 19 to February 9.
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