Sipchem's Third-Quarter Net Profits Down 60%

Sipchem has reported a 60% decline in net profit in the third quarter of this year to SR54.7 million ($14.6 million). Operating profit in the third quarter was SR31.6 million against SR257.9 million in the third quarter of 2008. Sipchem's net profit in the nine months of this year was SR84.3 million compared with SR502 million in the nine months of 2008. Operating profit during the nine months of 2009 was down 95% to SR45.5 million. Sales were not disclosed. Sipchem cites continuous decrease in petrochemical prices due to the international economic crisis and to...

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