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FINANCIAL NEWS
Saudi Kayan reports USD52m loss in Q4 on higher costs
14 Jan 2013
(MENAFN) Saudi Kayan Petrochemical Company reported a quarterly loss on higher costs, Saudi Gazette reported.
The company said it incurred USD51.86 million net loss during the fourth quarter ended December 31, wider than USD50.8 million a year earlier.
The company also reported 20.2 percent increase in gross profit for the period to USD10.4 million from USD8.64 million a year ago.
The company attributed the wider loss to an increase in cost of sales, increase in selling, general & administrative expenses and financial expenses.
Operating loss also widened by 20.2 percent to USD17.9 million in the quarter, compared to USD14.96 million in the same period last year.
For the full 2012, the company booked USD205.66 million loss compared to USD66.64 million loss in the previous year.
On the other hand, Kayan said it achieved an increase in the quantities produced and sold as a result of improved operational performance.
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