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Sabic’s profits rise; Petro Rabigh posts big loss

11:14 AM MDT | July 26, 2013

Sabic reports net profits of 6.04 billion Saudi riyals ($1.6 billion) for the second quarter, a 14% increase year-on-year (YOY) but an 8% decline compared with the first quarter. Operating profit of SR9.97 billion in the second quarter was 5.5% higher YOY but 10% down on the first quarter’s SR11.05 billion. Sales in the second quarter were down 3.2% YOY, at SR45 billion, because of lower demand in China and Europe. Sabic said earlier this year that it planned to cut 1,050 jobs in Europe and close some operations there. The company says that a decrease in the...

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