The per share loss for the
Jeddah: Saudi Kayan Petrochemical Company (Saudi Kayan) in its interim financial results for the period ending March 31 reported a net loss of SR71.12 million for Q1, 2012 compared to SR8.33 million for the same quarter last year with an increase of 753.8 percent and compared to net loss of SR190.75 million for the previous quarter with decrease of 62.72 percent, according to a statement available on Tadawul website.
It realized a gross profit of SR132.23 million for the Q1, 2012, and operating profit of SR75.65 million for the Q1.
3-month period was SR0.0474 compared to SR0.006for the same period last year.
The increase in losses for Q1, 2012 compared to the same quarter last year is due to commencement of commercial operations on Oct. 1, 2011 and there are no similar accounts in same period of 2011 for comparison. The decrease in losses as compared with previous quarter is due to the improvement in products' sales prices despite the increase of feedstock and reduction in production and sale volume due to unscheduled shutdown to most of the company's plants from Jan. 19 to Feb. 9 that was announced at Tadawul. It is normal to take some time for such mega petrochemical complex to improve the performance and stabilize production.
© Arab News 2012
