17 April 2012 10:23 [Source: ICIS news]
SINGAPORE (ICIS)--SABIC posted a 5% year-on-year decline in its first-quarter net profit to Saudi riyal (SR) 7.27bn ($1.94bn) on the back of lower product prices and higher feedstock costs, the Saudi Arabian petrochemical major said on Tuesday.
Its gross profit fell by 6% year on year to SR14.5bn in the January-March period of this year, with income from main operations down by 8% at SR11.5bn, the company said in a statement.
“The decrease in net income of the first quarter compared to the same quarter of last year resulted from lower product pricing and higher feedstock costs for certain products, softened by the higher production and sales volumes,” the chemicals major said.
Meanwhile, the company’s first quarter net income surged by 39% quarter on quarter from SR5.24bn in the fourth quarter of 2011, the company said.
Higher prices for certain products,as well as lower general and administrative costs,contributed to the increase in earnings despite the spike in feedstock costs, it added.
($1 = SR3.75)
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