MOSCOW (MRC) -- Saudi International Petrochemical Co (Sipchem) swung to a net loss in the third-quarter, according to a bourse statement released on Wednesday, as product prices fell, said Reuters.
Net loss of 59 million riyals (USD15.7 million) in the three months ending Sept. 30 versus net profit of 71.6 million riyals a year earlier.
Average forecast of three analysts: 30.6 million riyals net profit.
As MRC informed earlier, in 2014, Saudi International Petrochemical Co (Sipchem) commenced trial runs at a new ethylene vinyl acetate (EVA)/low density polyethylene (LDPE) swing plant.
Established in 1999, Saudi International Petrochemical Company (Sipchem) manufactures and markets methanol, butanediol, tetrahydrofuran, acetic acid, acetic anhydride, vinyl acetate monomer. Besides, it has launched several down-stream projects to manufacture ethylene vinyl acetate, low density polyethylene, ethyl acetate, butyl acetate, cross linkable polyethylene, and semi conductive compound that are scheduled to start in 2013.
MRC