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Sipchem Misses Earnings Estimates on Lower Revenues

3:40 AM MDT | October 18, 2010 | Natasha Alperowicz

The Saudi International Petrochemical Co. (Sipchem) reported third quarter net profit of SR84.1 million ($22.4 million), a 54% increase on the third quarter of 2009. The result was lower than consensus estimate of SR128 million and that of Sico Research (Manama) of SR110.2 million. "The company's third quarter revenue of SR508.6 million was 8.6% below our estimates but increased 37% quarter-on-quarter primarily due to the commercial operation at the 330,000 m.t./year vinyl acetate monomer (VAM) plant effective August 7, 2010," says Ankit Gupta an...

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