FINANCIAL NEWS

Saudi Sipchem posts 55.4 percent drop in Q3 net profit

21 Oct 2015

(MENAFN) Saudi International Petrochemical Co. (Sipchem) reported a 55.4 percent slump in third-quarter net profit as product sales prices fell.

Sipchem posted a profit of USD19.1 million in the three months to Sept. 30, down from USD42.79 million a year earlier, according to a bourse filing.

The company attributed the profit drop on lower average selling prices of all company products.

Four analysts polled by Reuters forecast on average the firm would make a quarterly net profit of USD32.75 million.

Sipchem reported its fourth profit decline in five quarters that missed analyst forecasts due to plant closures and falling product sales prices.

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