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Sabic's first-quarter net income down; Petro Rabigh reports loss, closes cracker for maintenance

7:49 AM MDT | April 22, 2013 | Natasha Alperowicz

Sabic’s first-quarter net income declined 10%, to 6.56 billion Saudi riyals ($1.75 billion) but increased 13% compared with the SR5.83 billion in the fourth quarter of 2012. Sales were down 3.3%, to SR46.75 billion. Gross profit in the first quarter of this year was 2% down, at SR14.02 billion, and operating income decreased 4%, to SR11.05 billion. Earnings per share in the first quarter of this year were SR2.19 compared with SR2.42 in the year-earlier quarter.    The company cites lower production and sales volumes due to planned maintenance at...

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