Sipchem ...plant closures dent profit.
Sipchem Q2 net profit down 55pc
RIYADH, July 27, 2015
Saudi International Petrochemical Company (Sipchem) reported a 55 per cent drop in second-quarter profit on Monday, missing analyst forecasts as its earnings were hit by plant closures and falling product sales prices.
Sipchem made a profit of SR110.1 million ($29.4 million) in the three months to June 30, down from SR244.6 million in the prior-year period, according to a bourse filing.
Analysts polled by Reuters had on average forecast Sipchem would make a quarterly profit of SR133.3 million.
Sipchem blamed the profit slump on its closing of some plants for maintenance during the quarter, plus a "significant decrease in product sales prices".
The company in June said it would pay a cash dividend of SR0.6 per share for the first half of 2015, in line with the payout for the corresponding period of last year. - Reuters