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Sun 18 Oct 2009 05:41 PM

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SABIC posts 50% drop in Q3 profits

World's largest chemical company makes net profit of $960m in third quarter of 2009, beats analyst forecasts.


Saudi Basic Industries Corp (SABIC)

, the world's largest chemical firm by market value, posted a 50 percent drop in third-quarter profit but beat average analyst forecasts.

SABIC

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,"
SABIC

said.

Quarterly operating profit was down 48 percent at 6.4 billion riyals. (Reuters)

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