Saudi Kayan Petrochemical Q2 net loss widens to $87.5m

16 July 2012 06:12  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Kayan Petrochemical posted a net loss of Saudi riyal (SR) 328.3m ($87.5m) in the second quarter of this year, partly on high feedstock prices, the producer said over the weekend.

The figure is wider than the SR16m net loss incurred in the same period last year and the SR71.1m loss in the first three months of 2012, the company said in a filing to the Saudi stock exchange on 15 July.

Its operating loss for April-June 2012 was at SR162.2m, it said.

Saudi Kayan also cited lower average selling prices of products, as well as increases in selling, administrative and general expenses that contributed to the second-quarter 2012 losses.

In the first six months of 2012, the company’s net loss stood at SR399.4m, compared with a loss of SR24.3m in the same period a year earlier.

Saudi Kayan started commercial operations at most of its plants at Al-Jubail in Saudi Arabia on 1 October 2011.

The company is a 35%-owned by Saudi petrochemical giant SABIC.

 ($1 = SR3.75)

By: Nurluqman Suratman

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