23 April 2002 16:21 [Source: ICIS news]
LONDON (CNI)--Saudi Basic Industries Corp (Sabic) suffered a sharp drop in profits and sales for the first quarter of 2002 due to lower prices for certain products.
Net profits plunged to Riyal 304m ($81m/Euro91m), a 58% drop compared with the corresponding period last year, CNI was informed on Tuesday. Sales revenues sank 22% to Riyal 5.97bn, while sales volumes rose 10% to 6.8m tonne.
The Saudi group, which has just agreed to purchase the petrochemicals activities of Dutch group DSM, said first quarter production totalled 8.7m tonne, a 4% rise over January to March last year.
Sabic noted that the Q1 performance was an improvement on the last quarter of 2001 - when the group registered a Riyal 96m loss - thanks to improved prices for some products.
Mohammed Al-Mady, Sabic's vice chairman and managing director, said prices are likely to improve further in the coming months and are forecast to rise further in 2003.
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