Sabic Posts Lower Profit, Cites Weaker Prices & Higher Costs

Earnings Impact: Plant maintenance contributed to a reduction in Sabic’s profits. Sabic reported a 35% drop in second-quarter 2012 net income, to SR5.3 billion ($1.4 billion), compared with the year-earlier period. The figure is also a 27% decrease from the SR7.27-billion net income achieved in the first quarter of this year. Gross operating profits for the second quarter amounted to SR12.72 billion. This represents a decrease of 23% compared with SR16.49 billion one year ago. Operating income in the second quarter decreased 29%, to SR9.43 billion, from...

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