S Arabia's Sipchem Q1 net profit down 57.5% on plant turnarounds

22 April 2013 03:40  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi International Petrochemical Co (Sipchem) said over the weekend its net profit fell by 57.5% year on year to Saudi riyal (SR) 64.5m ($17.2m) in the first quarter of this year on the back of plant turnaround activities.

The decline in first-quarter profit was also weighed by the increase in feedstock costs and the fall in its prices of some products, Sipchem said in a statement to the Saudi bourse, Tadawul.

Its gross profit fell by 46.1% year on year to SR180.5m in the first quarter, while operating profit was down by 50.7% at SR149.7m, the company added.

The company typically shuts its methanol, butanediol (BDO), acetic acid and carbon monoxide plants for about 3-5 weeks during the first quarter for planned maintenance, Sipchem said, without elaborating further.

($1 = SR3.75)

By: Nurluqman Suratman

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