Sunday, Apr 15, 2012
(This story was originally published Saturday.)
RIYADH (Zawya Dow Jones)--Saudi Kayan Petrochemical Co. (2350.SA) said Saturday its net loss in the first quarter widened to 71.1 million Saudi riyals ($18.9 million), compared with SAR8.3 million a year earlier due to start of the commercial operations of its complex in Jubail Industrial City in October.
Losses per share during the first three month of the year stood at SAR0.047 versus losses per share of SAR0.006 a year ago, the company said in a statement posted on the Saudi bourse website.
It saw a net loss of SAR190.75 million in the fourth quarter of last year.
Saudi Kayan, an affiliate of Saudi Basic Industries Co. (2010.SA), better known as Sabic, said realized gross profit for the period reached SAR132.2 million, while operating profit reached SAR75.7 million.
"The increase in losses for the first quarter of 2011 compared to the same quarter last year is due to commencement of commercial operations on Oct. 1 and there are no similar accounts in same period of 2011 for comparison," Kayan said.
"The decrease in losses as compared with previous quarter is due to the improvement in products sales prices despite of the increase of feedstock and the reduction in production and sale volume due to unscheduled shutdown to most of the company's plants," it added.
The Kayan complex is expected to have an annual production capacity of more than 4 million tons of petrochemical and chemical products.
-By Summer Said, Dow Jones Newswires; +966-546-842-373; summer.said@dowjones.com
(END) Dow Jones Newswires
15-04-12 0547GMT
