(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.
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