RIYADH, Oct 18 (Reuters) - Saudi Basic Industries Corp (SABIC), the world's largest chemical firm by market value, posted a 50-percent drop in third-quarter profit but beat average analyst forecasts.
SABIC made a net profit of 3.6 billion riyals ($960 million) in the three months to Sept. 30, down from 7.24 billion riyals during the year-earlier period, the company said in a statement posted on the bourse website on Sunday.
Analysts surveyed by Reuters had expected an average of 2.99 billion riyals in third-quarter net profit.
'The reason for the net profit decline... is due to a sharp decline in global prices of petrochemicals, plastics and metals due to the global financial and economic crisis,' SABIC said.
Quarterly operating profit was down 48 percent at 6.4 billion riyals.
(Reporting by Ulf Laessing and Asma Alsharif, editing by Firouz Sedarat) ($1=3.750 Saudi riyals) Keywords: SABIC EARNINGS (ulf.laessing@thomsonreuters.com, +966 1 463 2603; Reuters Messaging: ulf.laessing.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.
SABIC made a net profit of 3.6 billion riyals ($960 million) in the three months to Sept. 30, down from 7.24 billion riyals during the year-earlier period, the company said in a statement posted on the bourse website on Sunday.
Analysts surveyed by Reuters had expected an average of 2.99 billion riyals in third-quarter net profit.
'The reason for the net profit decline... is due to a sharp decline in global prices of petrochemicals, plastics and metals due to the global financial and economic crisis,' SABIC said.
Quarterly operating profit was down 48 percent at 6.4 billion riyals.
(Reporting by Ulf Laessing and Asma Alsharif, editing by Firouz Sedarat) ($1=3.750 Saudi riyals) Keywords: SABIC EARNINGS (ulf.laessing@thomsonreuters.com, +966 1 463 2603; Reuters Messaging: ulf.laessing.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.
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