Kuwait's Qurain posts 32% fall in 2007 net profit

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 Kuwait and abroad.

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 Co paraxylene and benzene project, due for completion in the second quarter of 2009, and the donwstream Kuwait Styrene Co.

($1 = KD0.27)

By: Abdelghani Henni
65 6780 4359

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