PetroRabigh nearly triples 2008 full year net loss to $336m

18 February 2009 09:27  [Source: ICIS news]

PetroRabighSINGAPORE (ICIS news)--PetroRabigh nearly tripled its net loss for the full year of 2008 to Saudi Riyals (SR)1.26bn ($336m) from SR443m in the previous corresponding period, the company said on Wednesday.

The company attributed the losses to starting operations of its facilities during the fourth quarter of 2008 when prices of petroleum products were low and the global demand was weak.

In a statement to the Saudi Stock Exchange (Tawadul), PetroRabigh also said that there were some non-operating expenses that caused the company to incur additional losses but did not give further details.

Sales for the period were booked at SR6.54bn. No comparative figures were available for the revenues as the company only started generating sales during the fourth quarter of 2008.

Net loss for the company’s fourth quarter -- that ended in 31 December 2008 -- stood at SR902.8m.

PetroRabigh also said it had completed the necessary preparations for the highly anticipated start-up of its 1.25m tonne/year ethane cracker in Rabigh, located at the Red Sea coast of Saudi Arabia.

($1 = SR3.75)

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By: Bohan Loh
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