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Markets :: Basic Chemicals :: Petrochemicals :: Methanol

Sipchem Reports Steep Decline in Net Profit; Advances Scheduled Turnaround

1:38 AM MDT | July 28, 2009 | Natasha Alperowicz

Sipchem says its second quarter 2009 net profit was SR510,600 ($136,160) compared to SR133.8 million in the corresponding period of last year. This is way down on the SR29.2 million net profit recorded in the first quarter of 2009. Sipchem's total profit for the second quarter of this year was SR25.1 million compared to SR242.1 million in the second quarter of 2008. Operating profit in the second quarter was SR8.3 million compared to SR226.1 million in the corresponding period of 2008. Sipchem cites the international economic crisis, which led to the reduction of...

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