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.