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FINANCIAL NEWS
Saudi SABIC posts 10% drop in Q1 income
20 Apr 2013
(MENAFN) Saudi Basic Industries Corp (SABIC) stated that its net income reached USD1.75 billion in the first quarter, reported Reuters.
The company said that the figure represents a decline of 10 percent from the USD1.93 billion posted in 2012’s same period.
However, profit for the three months to March 31 grew from the USD1.55 billion reported in the previous 3-month period.
The company attributed the on-year decline in profit to a fall in production and sales volumes as a result of planned maintenance at the facilities of some affiliates.
In the mean time, it said that higher on-quarter profit resulted from a rise in sales prices of some products.
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