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Impairment Charge Tips Sabic into the Red

8:01 AM MDT | April 27, 2009

Sabic posted a net loss of SR974 million ($260 million) for the first quarter of 2009, compared with a net profit of SR6.9 billion in the year-ago period. The loss includes a non-cash goodwill impairment charge of SR1.2 billion related to the 2007 acquisition of GE Plastics. Sales were not disclosed. Sabic’s operating profits for the first quarter declined to SR380 million, from SR10.9 billion. “The financial and economic crisis, and the credit crunch, have led to difficulties for customers accessing credit facilities from banks and financial...

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