Sabic Reports Lower Net Income, Citing Slowdown, Lower Prices, and Plant Maintenance

Today, Sabic reported a 35% drop in second-quarter net income to SR5.3 billion ($1.4 billion) compared with the year-earlier period and a 27% decrease in the SR7.27 billion net income achieved in the first quarter of this year. Gross operating profit for the quarter ended June 30, 2012, amounted to SR12.72 billion. Compared with SR16.49 billion a year ago, this drop represents a decrease of 23%. Operating income in the second quarter reached SR9.43 billion, compared with SR13.28 billion in the same quarter in 2011—a decline of 29%.   Net...

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