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FINANCIAL NEWS
Saudi Kayan’s Q3 loss soars 407.3%
16 Oct 2012
(MENAFN) Saudi Kayan Petrochemical Company (Saudi Kayan) said that third-quarter net loss soared 407.3 percent from last year’s same period, reported Qatar News Agency (QNA).
The company incurred a USD47.50 million loss, up from a loss of USD9.36 million in 2011’s third quarter, however, the loss dived 45.7 percent when compared to 2012’s second quarter loss of USD87.43 million.
The firm attributed the decline in quarter-on-quarter loss to the rise in output volume resulting from better operational efficiencies.
Furthermore, Kayan began commercial operations of its Amine project in August, which contributed to the addition of more products to its portfolio.
In the January-September period, Kayan’s net loss skyrocketed 871.1 percent to USD153.87 million from USD15.84 million in 2011’s same period.
It is worth noting that Kayan’s third-quarter gross profit reached USD14.02 million, whereas gross profit in the first 9 months of the year was at USD29.99 million.
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