RIYADH, Oct 10 (Reuters) - Saudi Arabian Fertilisers Co (Safco) posted a 74.6 percent drop in third-quarter profit after global prices declined.
Safco said it made 464 million riyals ($123.7 million) in the three months to September 30, down from a 1.83 billion riyal record net profit it made a year earlier.
'The decline during the third quarter compared to both the same period of 2008 and the second quarter of 2009 is due to a decrease in global prices,' Safco said in a statement posted on the bourse website.
Saudi Basic Industries Corp (SABIC) holds a 42.9 percent stake in Safco.
(Reporting by Souhail Karam, editing by Raissa Kasolowsky) ($1=3.75 riyals) (souhail.karam@thomsonreuters.com, +966 1 463 2603; Reuters Messaging: souhail.karam.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Safco said it made 464 million riyals ($123.7 million) in the three months to September 30, down from a 1.83 billion riyal record net profit it made a year earlier.
'The decline during the third quarter compared to both the same period of 2008 and the second quarter of 2009 is due to a decrease in global prices,' Safco said in a statement posted on the bourse website.
Saudi Basic Industries Corp (SABIC) holds a 42.9 percent stake in Safco.
(Reporting by Souhail Karam, editing by Raissa Kasolowsky) ($1=3.75 riyals) (souhail.karam@thomsonreuters.com, +966 1 463 2603; Reuters Messaging: souhail.karam.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
