FINANCIAL NEWS

Saudi Sipchem Q1 profit plunges 57.5%

21 Apr 2013

(MENAFN) Saudi International Petrochemical Co (Sipchem) announced that its net profit fell to USD17.2 million in the first quarter, reported Arabian Business.

Sipchem attributed the decline to several plant closures that lowered sales.

It added that prices of some products also declined in the 3-month period.

According to the company, the first-quarter net profit represents a 57.5-percent plunge from the USD40.37-million profit posted a year before.

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