Sabic Third-Quarter Profits Fall by Half; Petchem Markets are off the Bottom (Updated)

Sabic saw a sharp decline in profits in the third quarter of this year compared with the third quarter of 2008, but profits rose sharply compared with the preceding quarter of this year. Third quarter gross income was down 45% to SR8.6 billion ($2.29 billion), income from operations fell 48% to SR 6.4 billion, and net income fell 50% to SR3.6 billion on a year-on-year basis, but net income doubled compared to the second quarter of 2009, indicating that petrochemicals and related markets are off the bottom.Sabic blames the 50% year-on-year profit decline in the...

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