Oct 19 2011 |
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Saudi Petro Rabigh 3Q Net Loss Widens On Refinery Maintenance Extension
Wednesday, Oct 19, 2011
DUBAI (Zawya Dow Jones)--Saudi-based Rabigh Refining and Petrochemical Co. (2380.SA), or Petro Rabigh , said Wednesday its third quarter net loss widened to 280.6 million Saudi riyals ($74.8 million), from SAR237.2 million a year ago, as it extended the maintenance period for its refining and chemical production units.
"The reason for the increase in net loss is due to the extension of the periodical maintenance until August 15 when all facilities became fully operational, as previously announced," it said in a statement posted on the Saudi bourse website.
Earnings per share for the first nine months of the year stood at SAR0.02 versus SAR0.18 a year ago, while its third-quarter operating loss deepened to SAR271.4 million.
State-owned Saudi Arabian Oil Co., or Saudi Aramco, and Japan's Sumitomo Chemical Co. (4005.TO) each hold a 37.5% stake in Petro Rabigh , with the remaining 25% owned by the general public, according to Zawya.com data.
-By Summer Said; Dow Jones Newswires; +966-546-842-373, summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-10-11 0607GMT
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