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)

To discuss issues facing the chemical industry go to ICIS connect


By: Bohan Loh
+65 6780 4359



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index