Saudi Kayan's Q1 net loss more than doubles to $41.3m on higher costs

15 April 2013 02:54  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Kayan Petrochemical’s net loss more than doubled to Saudi riyal (SR) 154.9m ($41.3m) in the first quarter of 2013 from $71.1m in the same period last year because of higher costs, the producer said over the weekend.

The increase in costs was a result of the fall in production and sales volumes during the turnarounds at several production units , the producer said in a statement to the Saudi Stock Exchange (Tadawul).

The company’s gross profit for January-March this year fell by 55.6% year on year.

The firm posted an operating loss of SR10.7m in the first quarter, compared with an operating profit of $75.7m in the same period of 2012.

Saudi Kayan is an affiliate of Saudi Arabian petrochemical giant SABIC.

($1 = SR3.75)

By: Nurluqman Suratman

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