Jul 20 2011 |
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Petro Rabigh Swings To 2Q Loss As Refinery Maintenance Hits Sales
Wednesday, Jul 20, 2011
DUBAI (Zawya Dow Jones)-- Rabigh Refining and Petrochemical Co. (2380.SA), or Petro Rabigh , said Wednesday it swung to a second quarter net loss of 402.3 million Saudi riyals ($107.3 million), from a profit of SAR121.8 million a year ago, as maintenance carried out on its refining and chemical production units impacted sales.
Most analysts had expected Rabigh to post a quarterly profit. Riyadh-based Al Rajhi Capital had pencilled in a net income of SAR833 million, while Credit Suisse had predicted a SAR200 million result.
The company attributed its loss, which followed a first-quarter net profit of SAR698.5 million, to a "substantial decrease in sales resulting from loss of production during the shutdown period of the complex for test and inspection maintenance" between April and June.
Petro Rabigh Wednesday said earnings per share in the first half of 2011 were SAR0.34 a share, compared to SAR0.45 a share for the same period last year.
-By Angus McDowall of Dow Jones; +971-4-446-1685, angus.mcdowall@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
20-07-11 0703GMT
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