13 February 2008 08:25 [Source: ICIS news]
DUBAI (ICIS news)--Kuwait's Qurain Petrochemical Industries Co has posted a 32% fall in its net profits for 2007 to Kuwaiti dinars (KD) 14.80m, the petrochemical producer said on Wednesday, without disclosing a reason for the decline.
For the fourth quarter ended 31 December, the firm reported a near doubling in net profit to KD3.06m, compared with KD1.56m for the previous quarter.
Income from its 6% stake in Equate Petrochemical Co will be incorporated in its first-quarter 2008 results.
Established in Kuwait in November 2004, Qurain engaged in direct and indirect investments within the chemical and petrochemical sectors in ?xml:namespace>
Its main investments are in Equate in Shuaiba, the Olefins II project of Petrochemical Industries Co and Dow Chemical, set to be completed in August 2008, The Kuwait Aromatics
($1 = KD0.27)
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