October 27, 2019 / 5:39 AM / a month ago

Saudi SABIC records $400 mln impairment loss on Clariant, Q3 drops

Oct 27 (Reuters) - Saudi Basic Industries Corp. (SABIC) took an impairment loss of 1.5 billion riyals ($400 million) on its investment in Swiss chemicals firm Clariant , which resulted in an 86% drop in its third-quarter net profit.

SABIC posted a net profit of 830 million riyals in the quarter ending September 30, down from 6.1 billion riyals in the same quarter a year earlier.

“The decrease in net income is attributable to lower average selling prices in addition to recording (Saudi riyal) 1.5 billion impairment provision in the investment in (Clariant AG),” it said in a statement.

SABIC, which has a 25% stake in Clariant, has said in the past it has no interest in taking it over after the Swiss company shelved its joint venture plans with SABIC in July.

$1 = 3.7504 riyals Reporting by Saeed Azhar, editing by Davide Barbuscia

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