Saudi's Yansab says net profit halved due to low prices

RIYADH Sat Oct 13, 2012 9:01am EDT

RIYADH Oct 13 (Reuters) - Saudi Arabia's Yanbu National Petrochemical Co (Yansab) said on Saturday its third-quarter net profit almost halved from last year thanks to reduced product prices and a unit shutdown.

The producer, an affiliate of Saudi Basic Industries Corp (Sabic), said it earned 436 million riyals ($116) in the three months to Sep 30, compared to 828 million riyals in the prior year period.

Second-quarter net profit was 650 million riyals, the company said in its statement, posted on the website of the Saudi bourse. (Reporting By Angus McDowall)

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