Advanced Reports Huge Drop in Profits Citing Lower Prices and Volumes

Advanced Petrochemical (Advanced; Al Jubail, Saudi Arabia) today announced a huge drop in second quarter net profit, citing lower prices and volumes.  The company's net profit in the quarter, ended June 30, 2012, was SR53.9 million ($14.37 million), compared with SR155.6 million in the corresponding quarter of 2011 and SR57.1 million in the first quarter of this year. Income from operations in the second quarter was SR58.1 million compared with SR160.6 million in the first quarter of last year. The company's net profit in the first six months of...

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