JEDDAH: Saudi International Petrochemical Co. (Sipchem) blamed plant shutdowns as it reported a 13.3 percent drop in third-quarter net profit on Tuesday that missed analysts’ forecasts.

Sipchem made a profit of SR160.6 million ($42.8 million) in the three months to Sept. 30, down from SR185.2 million in the prior-year period, according to a bourse filing.

Five analysts polled by Reuters had on average forecast Sipchem’s third-quarter profit would be SR180 million.

Sipchem said quarterly production and sales quantities were reduced because of planned and unplanned plant shutdowns, and profit was also affected by an increase in feedstock prices.