By Ulf Laessing
World's largest chemical company makes net profit of $960m in third quarter of 2009, beats analyst forecasts.
, the world's largest chemical firm by market value, posted a 50 percent drop in third-quarter profit but beat average analyst forecasts.
made a net profit of 3.6 billion riyals ($960 million) in the three months to Sept. 30, down from 7.24 billion riyals during the year-earlier period, the company said in a statement posted on the bourse website on Sunday.
Analysts surveyed by Reuters had expected an average of 2.99 billion riyals in third-quarter net profit.
"The reason for the net profit decline... is due to a sharp decline in global prices of petrochemicals, plastics and metals due to the global financial and economic crisis,"
Quarterly operating profit was down 48 percent at 6.4 billion riyals. (Reuters)