Sabic Second-Quarter Profit Down on First Quarter, on Lower Prices and Higher Costs (Updated)

Sabic's net income in the second quarter ended June 30, 2010 was SR5.02 billion ($1.34 billion), 177% up on the same period in 2009 but lower than first quarter's net income of SR5.43 billion. The company attributes the increase in net income in the second quarter compared to the corresponding period of 2009 to increased production and sales volumes with new capacity coming onstream at its Sharq and Yansab subsidiaries and at its joint venture with Sinopec at Tianjin, China. "Additionally, the improved pricing environment for most of the products had a...

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