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Saudi Sipchem net profit down 33 percent in Q4
(MENAFN) Saudi International Petrochemical Co (Sipchem) said that it has registered a decline by 33 percent in its net profit during the October-December period of 2014 due to a decrease in its production after a shutdown of one of its plants, Gulf Business reported.
During the fourth quarter of 2014, Sipchem recorded a net profit of USD35.28 million in comparison with USD52.35 million posted during the same period in 2013.
The company attributed the decline in its profit to the shutdown of a methanol plant during the fourth quarter which resulted in lower production and sales quantities, in addition to lower sales prices for methanol and butandiol products.
During the fourth quarter of 2014, Sipchem recorded a net profit of USD35.28 million in comparison with USD52.35 million posted during the same period in 2013.
The company attributed the decline in its profit to the shutdown of a methanol plant during the fourth quarter which resulted in lower production and sales quantities, in addition to lower sales prices for methanol and butandiol products.
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