JEDDAH: Saudi International Petrochemical Co (Sipchem) has posted a 57.5 percent fall in first-quarter net profit, citing shutdowns at a number of plants during the period for the decline in earnings.
The firm reported a net profit of SR 64.5 million for the three months to March 31, it said in a bourse statement, down from SR 151.6 million n the corresponding period of 2012.
Sipchem attributed the profit drop to shutdowns at four manufacturing plants during the quarter, which in turn reduced product sales, while some product prices also fell.
Sipchem Q1 net profit falls 58%
Sipchem Q1 net profit falls 58%
