Saudi Tasnee Q1 net profit falls 29% yr on yr

16 April 2008 18:45  [Source: ICIS news]

DUBAI (ICIS news)--Saudi National Industrialization Co (Tasnee) reported on Wednesday a first-quarter net profit of Saudi riyals (SR) 148m ($39.5m), down 29% from SR207.5m reported for the same time last year.

Tasnee attributed the decline to higher costs in feedstock propane and to reduced production due to maintenance.

Tasnee'ss results also reflect Cristal's $1.2bn (€756m) acquisition of Lyondell's titanium dioxide (TiO2) business, the company said.

Cristal is owned by Tasnee, Gulf Investment and a private investor.

Tasnee did not disclose further details about itssults.

($1 = SR3.75 = €0.63)

For more on TiO2 visit ICIS chemical intelligence

By: Abdelghani Henni
65 6780 4359

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