14 January 2013 02:25 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Kayan Petrochemical said over the weekend of 12-13 January that its fourth-quarter net loss widened to Saudi riyal (SR) 194.5m ($51.9m) from SR190.8m in the same period a year earlier, because of increased costs and expenses.
The Saudi Arabian producer posted an operating loss of SR67.5m in the October-December period of 2012, according to its statement to the Saudi Stock Exchange, also known as Tadawul, on 13 January. This is a drop from its operating loss of SR56.2m recorded in the same quarter of 2011.
“The increase in losses in the fourth quarter 2012 compared to the same quarter last year is due to increase in cost of sales, increase in selling, general and administrative expenses and financial expenses,” Saudi Kayan said.
The company posted a net loss of SR772.3m in the fourth quarter of 2012, widening from a net loss of SR250.3m a year earlier.
Saudi Arabian chemicals major SABIC owns a 35% stake in Saudi Kayan, while Al-Kayan Petrochemical holds a 20% stake. The remaining 45% is held by public shareholders.
($1 = SR3.75)
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