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Sabic reports higher second-quarter profits but a decline sequentially

8:59 AM MDT | July 22, 2013 | Natasha Alperowicz

Sabic today reported net profits of 6.04 billion Saudi riyals ($1.6 billion) for the second quarter, a 14% increase year-on-year (YOY) but an 8% decline compared with the first quarter. Operating profit of SR9.97 billion in the second quarter was 5.5% higher YOY, but 10% down on the first quarter’s SR11.05 billion. Sales in the second quarter were down 3.2%, at SR45 billion, because of lower demand in China and Europe. Europe was the hardest hit of all the geographies. Earlier this year, Sabic said that it planned to cut 1,050 jobs in Europe...

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