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Regions :: Middle East :: Saudi Arabia

YanSab's Third Quarter Net Profit Below Estimates

8:44 AM MDT | October 14, 2010 | Natasha Alperowicz

Yanbu National Petrochemical Co. (YanSab), a Sabic affiliate reported net income of SR356.2 million ($95 million) for the third quarter of this year compared with a net loss of SR7 million in the corresponding period of 2009 and 29% down on the second quarter's net profit of SR502. 4 million. Mutlaq Al-Morished, chairman of the board of YanSab and CFO of Sabic cites increase in production costs as a result of a temporary cracker shutdown in September as the main reason for the drop in profitability. YanSab's net result was lower than SICO's (Manama) expectation...

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