Earnings blow to Sipchem

JEDDAH: Saudi International Petrochemical Co. (Sipchem) reported a 55.4 percent slump in third-quarter net profit on Tuesday as product sales prices fell.
Sipchem posted a profit of SR71.6 million ($19.1 million) in the three months to Sept. 30, down from SR160.6 million a year earlier, according to a bourse filing.
The company attributed the profit drop on lower average selling prices of all company products.
Four analysts polled by Reuters forecast on average the firm would make a quarterly net profit of SR122.9 million.
Sipchem reported its fourth profit decline in five quarters that missed analyst forecasts due to plant closures and falling product sales prices.