Weak Demand Dents Sabic’s Fourth-quarter Profits...

Sabic reported a 12% increase in fourth-quarter 2007 net profits, to SR6.87 billion ($1.8 billion), compared with the fourth quarter of 2006. Sales were not disclosed. The earnings figure includes results from Sabic Innovative Plastics, the former GE Plastics, which Sabic acquired last year. Sabic’s earnings fell short of analysts’ forecasts of SR8.4 billion-SR9.0 billion. The disappointing result reflects lower U.S. demand due to the subprime mortgage crisis, Sabic CEO Mohamed Al-Mady told Reuters in an interview last week. Higher energy and raw...

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