Saudi International Petrochemical Company (Sipchem) posted a 57.5 per cent fall in first-quarter net profit on Sunday, citing shutdowns at a number of plants during the period for the decline in earnings.

The firm reported a net profit of SR64.5 million ($17.2 million) for the three months to March 31, it said in a bourse statement, down from SR151.6 million in the corresponding period of 2012.

The profit figure missed estimates. Seven analysts polled by Reuters on average forecast a first-quarter net profit of 118.1 million riyals.

Sipchem attributed the profit drop to shutdowns at four manufacturing plants during the quarter, which in turn reduced product sales, while some product prices also fell.-Reuters