Sipchem ...... attributes profit to higher production and sales and lower expenses
Sipchem Q1 net profit up 17.3pc
RIYADH, April 20, 2015
Saudi International Petrochemical Company (Sipchem) reported a 17.3 per cent increase in first-quarter profit, missing analysts' estimates.
Sipchem made a profit of SR80.6 million ($21.5 million) in the three months to March 31, according to a bourse filing. This compares with a profit of SR68.7 million in the prior-year period.
Five analysts polled by Reuters on average forecast Sipchem would make a quarterly profit of SR98.3 million.
Sipchem attributed the increase in quarterly profit to higher production and sales and lower expenses.
It added pressure on earnings from a decline in euro was partly offset by increased efficiency in plant operations, having had a number of plants offline during the opening quarter of 2014 for unplanned maintenance.-Reuters