SABIC expects to see a drop of 78% in Q2 net profits

Saudi Basic Industries Corp (SABIC) is expected to post a 78% drop in Q2 net profit to 1.67 billion riyals (US$445.3 mln), compared with 7.55 billion riyals in the same quarter of 2008. Lower petrochemical prices and the enduring effects of a 2007 GE Plastic acquisition have taken their toll on the company’s performance. SABIC had reported a deeper than expected loss in the first quarter, partly because of a writedown on its acquisition of GE Plastic, which it bought for US$11.6 billion in 2007 just before the U.S. economic downturn. Polyethylene and polypropylene have risen 5% since Q1 levels, but are still 50% lower than levels of Q2-2008.
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