Saudi's Yanpet says Q2 net profit grew 3.2%

Increase due to lower financial charges, despite a fall in its sales
Saudi's Yanpet says Q2 net profit grew 3.2%
Yanpet said gross profit had fallen by 2.1 percent in the same period.
By Reuters
Mon 15 Jul 2013 09:46 AM

Yanbu National Petrochemical Co (Yanpet) said on Sunday its second-quarter net profit grew 3.2 percent on an annual basis to 671 million riyals ($179 million) due to lower financial charges, despite a fall in its sales.

The company, a unit of Saudi Basic Industries Corp , one of the world's largest petrochemical companies, said gross profit had fallen by 2.1 percent in the same period.

However, while sales were lower than a year ago, they were higher than in the first quarter of this year, Yanpet said in a bourse statement.

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