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Sabic: First loss for five years reported in Q1 2009

April 28/2009
 
         
Sabic blamed falling demand for petrochemicals and metals in the economic crisis for a first-quarter net loss of SAR 974m (EUR 197m). It is the company"s first loss in five years and compares with a net profit of SAR 6.92 bn in the first quarter of 2008.

A SAR 1.18 bn depreciation in goodwill following the acquisition of GE Plastics, now Sabic Innovative Plastics (SIP), contributed to the loss, the company said, adding that the economic crisis had hit demand for SIPs products.


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