Saudi Kayan's second-quarter net loss falls to $63.5m

15 July 2013 15:48  [Source: ICIS news]

LONDON (ICIS)--Saudi Kayan Petrochemical cut its net loss in the second quarter of 2013 to Saudi riyal (SR) 238.2m ($63.5m) from SR328.3m in the same period last year, the producer said on Monday.

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

The company also reported a gross loss for the second quarter of the year at SR20.2m, an improvement against a gross loss of SR72.3m in the same period last year, it said in an announcement on the Saudi Stock Exchange (Tadawul).

Reasons for the improvement in earnings were not disclosed.

In addition, Saudi Kayan posted an operating loss of SR106.6m in the second quarter, compared with an operating loss of SR162.2m in the same period of 2012.

($1 = SR3.75)

By: Franco Capaldo
+44 (0)20 8652 3214

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