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Sat 16 Jan 2010 05:27 PM

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Saudi Kayan reports Q4 loss, improved on year

Kayan attributes the loss to the fact that the plant is still in the non-operational stage.

Saudi Kayan reports Q4 loss, improved on year
(Getty Images)

Saudi Arabia's Kayan Petrochemical Coon Saturday reported a fourth-quarter net loss of 0.37 million Saudi riyals ($98,660), down from an 8.36 million riyals loss in the same period a year earlier.

Kayan, a unit of Saudi Basic Industries Corp (SABIC), is developing a mega complex located in Saudi's Jubail and expects to start operations in the second half of 2010.

Kayan attributed the loss to the fact that the plant is still in the non-operational stage.

The company made a 12-month loss of 16.84 million riyals for 2009, compared with a net profit of 171.6 million riyals in 2008, it said in a statement on the Saudi bourse website.

The complex will have an annual production capacity of 6 million tonnes of petrochemicals including ethylene, propylene and ethylene glycol from 16 plants. ($1=3.750 Saudi Arabian Riyal)(Reuters)

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