IHS Chemical Week

Markets :: Plastics :: Polypropylene

Advanced Reports Lower Profits Citing Low Prices and High Feedstock Costs

5:45 AM MDT | April 18, 2012 | Natasha Alperowicz

Advanced Petrochemical Company (Advanced; Jubail, Saudi Arabia) has reported a major drop in profit in the first quarter of this year compared with the same period of last year and with the last quarter of 2011. Net income in the first quarter of 2012 declined by close to 60% to SR57.1 million ($15.23 million) compared with SR131.1 million in the same period of last year and SR90.6 million in the last quarter of 2011. The company’s gross profit during the first quarter of this year reached SR69.3 million compared with SR145 million in the year-earlier...

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