Sabic Posts a Big Increase in First-Quarter Profits

Sabic says its first-quarter 2011 net profits increased 42% compared with the same period of last year, to SR7.7 billion.  The figure was higher than analysts' forecasts of SR6 billion-SR6.5 billion. Sabic's first-quarter operating profits grew 29%, to SR12.2 billion. Higher earnings reflect increased production, the company says. Sabic announced the earnings figures in a statement to the Saudi stock exchange. Quarterly sales were not...

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