Regions :: Middle East :: Saudi Arabia
... reports lower first-quarter profits
1:36 PM MDT | April 26, 2013 | —Natasha Alperowicz
Sabic’s first-quarter net income declined 10%, to 6.56 billion Saudi riyals ($1.75 billion), compared with the first quarter of 2012, but increased 13% compared with the SR5.83 billion reported in the fourth quarter of 2012. Sales were down 3.3% year-on-year (YOY), to SR46.75 billion. Gross profit in the first quarter was down 2% YOY, at SR14.02 billion, and operating income decreased 4%, to SR11.05 billion. Earnings per share in the first quarter were SR2.19 compared with SR2.42 in the year-earlier quarter. The company cites lower production and sales...
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