Saudi Basic Industries Corp (Sabic) posted a fourth-quarter net loss of SR720 million ($192 million), compared to a profit of SR3.22 billion ($857.90 million) during the same quarter a year earlier, said a report.

The first quarterly loss in over a decade was due to lower average selling prices and a writedown at an affiliate, added the Reuters report.

Sabic CEO Yousef Al-Benyan said a slowdown in economic growth, particularly in China and Europe, had weighed on the petrochemicals industry.

Copyright 2020 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.