Yansab posts Q1 loss, fall in investment revenue

18 April 2007 03:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Yanbu National Petrochemical Co (Yansab) posted late on Tuesday an operating loss in the first quarter compared with an operating profit recorded in the same quarter a year ago as its investment revenue fell.

The affiliate of Saudi Basic Industries Corp (SABIC) posted an operating loss of Saudi riyal (SR) 4.9m ($1.3m) in the first quarter, down from a SR81.3m operating profit in the same period a year ago, it said in a statement.

Yansab’s investment revenue fell to SR4m at the end-March 2007 compared with SR91m at the end of the first quarter of 2006.

The company’s shares closed 1.9% lower at SR26 on Tuesday.

Yansab has completed 84% of engineering works on its petrochemical complex at Yanbu, Saudi Arabia, while 56% of the engineering, procurement and construction work was done by the end of the first quarter.

The complex, scheduled to start operations in mid-2008, include facilities with annual capacities of 1.3m tonne of ethylene, 400,000 tonnes of propylene, 900,000 tonnes of polyethylene (PE), 900,000 tonnes of polypropylene (PP) and 770,000 tonnes of ethylene glycol (EG).

US engineering contractor Stone & Webster is also building butene and aromatics units that will produce 135,000 tonnes/year of butene and 205,000 tonnes/year of benzene, toluene and xylene mixtures.

($1=SR3.75)

By: Florence Tan
+65 6780 4359

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