Sabic's Net Income Declines on Lower Prices and Higher Feedstock Costs

Sabic said today that its net income in the first quarter of this year declined 5% but rose significantly against the last quarter of 2011. Net income in the quarter ended March 31, 2012 reached SR7.27 billion ($1.94 billion) compared with net income of SR7.69 billion in the year-earlier period. Net income was 39% higher compared with the fourth quarter of 2011, however. Sales were not disclosed.   The company said that at SR14.53 billion gross profit in the first quarter was 6% lower compared with the first quarter of 2011. Income from Sabic’s main...

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