Saudi Kayan swings to Q3 net loss of $3.7m
DUBAI, October 15, 2015
Saudi Kayan, Saudi Arabia's fifth-largest petrochemical manufacturer by market value, blamed lower sales volumes and reduced product prices as it swung to a third-quarter loss on Thursday.
The company, an affiliate of Saudi Basic Industries Corp (Sabic), made a net loss of SR13.8 million ($3.7 million) in the three months to September 30, compared to a profit of SR66.9 million in the year-earlier period, it said in a bourse statement.
Three analysts polled by Reuters had forecast a wide range for Kayan's quarterly earnings - from a loss of SR120 million to a profit of SR38.8 million.
Kayan blamed lower production, sales volumes and average selling prices for the quarterly loss. Other contributing factors included inventory revaluation, an increase in financial charges and other expenses. The net loss comes despite lower feedstock cost, Kayan said. - Reuters
