The turnover of Saudi Basic Industries Corporation (Sabic) fell by more than half in the first quarter, while sales costs fell by 38.2 per cent, according to detailed financial statements.

The statements, published over the weekend, showed that Sabic's turnover stood at SR19.82 billion ($5.29 billion) in the three months to March 31, down from 39.98 billion riyals a year earlier.

This is the first time that Sabic, one of the world's largest petrochemical firms by market value, discloses turnover figures.

On Tuesday, the company reported its first quarterly loss since 2001, due mainly to a writedown on an acquisition and a decline in global demand which has pushed prices down.

Sabic said the volume of sales rose 5 percent compared to the first quarter of 2008. Sales costs fell to SR16.2 billion from 26.2 billion riyals a year earlier.-Reuters