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SABIC profit slump expected in Q3

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 29 September 2008
PROFIT SLUMP: Analysts have predicted SABIC's profit will drop in Q3. (Getty Images)
PROFIT SLUMP: Analysts have predicted SABIC's profit will drop in Q3. (Getty Images)

Saudi Basic Industries Corp. (SABIC) is expected to see third quarter profit decline by as much as 10 percent, according to a poll of analysts.

Saudi-based investment bank KSB Capital forecast SABIC will post Q3 profit of 6.64 billion riyals ($1.77 billion), down 10.3 percent on the 7.4 billion riyals it made in the same period last year.

Meanwhile Bakheet Investment Group predicted the petrochemicals giant will post Q3 income of 7.27 billion riyals, down just 1.8 percent on the same period last year.

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SABIC made net profit of 14.47 billion riyals in the first half of 2008.

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