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Sabic reports lower third-quarter net income

4:40 PM MDT | October 29, 2012

Sabic posted a 23% decline in third-quarter net income compared with the year-earlier quarter, to 6.31 billion Saudi riyals ($1.68 billion), citing lower product prices. However, net income rose 19% compared with the previous quarter. Gross operating profit in the third quarter was down 22%, to SR13.18 billion, and operating income was 27% lower, at SR9.84 billion. Revenues were not disclosed. Mohamed Al Mady, Sabic CEO, says the company remains stable because of its sound financial position. “We are continuing to augment our operational performance at our...

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