Sipchem’s Q3 profits plunged 60% on lower petrochemical sales

20-Oct-09
Saudi International Petrochemicals Co’s (Sipchem) Q3 profit fell 60% to 54.7 mln riyals (US$14.59 mln) in the three months to Sept. 30. These figures are vastly reduced as compared with the sales registered in the same period a year ago at SR137 mln riyals. Reduced petrochemical sales due production cuts caused by maintenance work at the plant have been responsible for this downfall. A 25-day halt at the during the third quarter for scheduled maintenance resulted in a decline of sales volumes.
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