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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.


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)

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