Saudi Arabia’s Petro Rabigh swings to net loss of $175m in Q1 ‘13

22 April 2013 03:27  [Source: ICIS news]

SINGAPORE (ICIS)--Rabigh Refining and Petrochemical (Petro Rabigh) said over the weekend it swung to a first-quarter net loss of Saudi riyal (SR) 658.1m ($175.5m) in 2013 from a net profit of SR115.8m in the same period in 2012.

It made a net loss because of “the emergency maintenance and repair work caused by the blackout incident of steam, water and power generating facilities,” the producer said in a statement to the Saudi Stock Exchange (Tadawul) over the weekend.

“Furthermore, the loss was higher than expected due to the extension of the maintenance period for the ethane cracker unit and the high olefin fluid catalytic cracking unit,” it said.

Petro Rabigh made a gross loss of SR628.5m in the first quarter, compared with a gross profit of SR381.5m in the same period last year.

Its operational loss was SR448.5m in January-March this year, compared with an operational profit of SR151.4m in the same period a year earlier, the company said.

($1 = SR3.75)

By: Nurluqman Suratman

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