Saudi Kayan ... an affiliate of Sabic
Saudi Kayan swings to Q1 net loss
RIYADH, April 16, 2015
Saudi Kayan Petrochemical Company swung to a net loss in the first-quarter as prices, production and sales all declined, the company said on Thursday.
Saudi Kayan, an affiliate of Saudi Basic Industries Corporation (Sabic) made a net loss of SR591.6 million ($157.8 million) in the first three months to March 31, it said in a bourse statement. This compares with a net profit of SR9.9 million in the same period in 2014.
Three analysts polled by Reuters on average forecast Kayan would make a quarterly loss of SR293.5 million.
Lower production was partly behind the larger-than-expected loss as its olefins plant was shut for maintenance. Lower product prices also hit revenue. Olefins is a form of petrochemical.-Reuters