RIYADH: Saudi Kayan Petrochemical Co. posted a second-quarter net loss of SR238 million ($63.5 million) on Monday, 27 percent narrower than its loss a year ago but still missing analyst forecasts.

The company, a unit of Saudi Basic Industries Corp (SABIC), made a loss of SR328 million in the second quarter of 2012 and a loss of SR155 million in the first quarter of this year.

Kayan has not yet fully started up its main production units. Three analysts surveyed by Reuters had forecast results ranging from a loss of 104 million riyals to a profit of SR137 million.