Saudi’s Petro Rabigh swings to SR402.3m second-quarter net loss

20 July 2011 11:00  [Source: ICIS news]

Petro Rabigh makes Q2 lossSINGAPORE (ICIS)--Petro Rabigh said on Wednesday it swung to a net loss of Saudi riyals (SR) 402.3m ($107.3m) in the second quarter of 2011 because of heavy production losses as its whole petrochemical complex was shut for maintenance.

The company’s complex in Rabigh was taken off line from 21 April to 30 June for maintenance.

The loss was a sharp reversal of the SR121.8m profit made in the second quarter of 2010 and of the SR698.5m profit recorded in the first quarter of this year, the company said in a statement to the Saudi Stock Exchange.

Operational loss for the second quarter of this year stood at SR389.1m, compared with a profit of SR82.9m in the same period a year earlier, Petro Rabigh said.

For the first six months of this year, the company’s net profit shrank by 24.7% year on year to SR296.2m, it said.

However, operational profit for the first six months of 2011 rose to SR320.5m from SR33.2m in the same period last year on an improvement in the prices of refined and petrochemical products, Petro Rabigh said.

($1 = SR3.75)

By: Pearl Bantillo
+65 6780 4359

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