Sipchem posts 57.5% fall in Q1 net profit

Saudi International Petrochemical Co (Sipchem) posted a 57.5% fall in first-quarter net profit, citing shutdowns at a number of plants during the period for the decline in earnings. Sipchem reported a net profit of 64.5 million riyals (US$17.2 mln) for the three months to March 31, down from 151.6 million riyals in 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.
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