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Saudi- Yansab Q1 net profit slumps 48.7
(MENAFN- Arab News) JEDDAH: Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) reported a 48.7 percent drop in first-quarter net profit.
The firm a subsidiary of Saudi Basic Industries Corp. (SABIC) made a net profit of SR285.1 million ($76 million) in the three months to March 31 down from SR555.7 million in the same period of 2014 a statement to the Saudi bourse said.
Six analysts polled by Reuters on average forecast Yansab to make a quarterly profit of SR440.8 million.
'The decrease in net profit is attributable to lower average sales prices for all products despite lower price of some feedstock materials and higher sales volume' the company said in the bourse filing.
The firm a subsidiary of Saudi Basic Industries Corp. (SABIC) made a net profit of SR285.1 million ($76 million) in the three months to March 31 down from SR555.7 million in the same period of 2014 a statement to the Saudi bourse said.
Six analysts polled by Reuters on average forecast Yansab to make a quarterly profit of SR440.8 million.
'The decrease in net profit is attributable to lower average sales prices for all products despite lower price of some feedstock materials and higher sales volume' the company said in the bourse filing.
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