25 February 2008 02:49 [Source: ICIS news]
DUBAI (ICIS news)--Alujain Corp, the majority shareholder of a Saudi polypropylene (PP) maker, posted on Sunday a net loss of Saudi riyal (SR) 17.4m ($4.6m) in the fourth quarter after it took in losses from the subsidiary.
A SR13.9m share of National Petrochemical Industrial Co’s (Natpet’s) fourth quarter net loss was included in Alujain’s net income, it said in a statement to the Saudi exchange.
The company posted a net profit of SR2.7m in the fourth quarter of 2006.
Alujain is now the major shareholder in Natpet and this is the first year that it included the subsidiary’s results.
For 2007, the company registered a net loss of SR37.8m compared with a net income of SR350,157 in the previous year mainly due to Natpet's PP project.
This included a SR20.5m write-off in net expenses for Natpet's project which was expected to start up in the first quarter of 2008.
Alujain is a Saudi joint stock company established in 1991. It went public in August 1997, but it retains a close connection with the Xenel Group, the Jeddah company that developed Alujain.
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