Sabic reports lower third-quarter net income, CEO expresses confidence

Sabic today posted a 23% decline in third-quarter net profit, citing lower product prices. Net income in the quarter ended 30 September 2012 reached SR6.31 billion ($1.68 billion), compared with net income of SR8.19 billion in the year-earlier quarter. However, net income rose 19%, from SR5.3 billion, in the second quarter of this year. Gross operating profit in the third quarter was down 22%, to SR 13.18 billion, and income from operations was 27% lower, at SR 9.84 billion. Revenues were not disclosed. Mohamed Al Mady, Sabic's CEO, said the company...

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