April 20, 2013 / 6:21 AM / in 5 years

Saudi's SABIC Q1 net profit falls 10 pct y/y

RIYADH, April 20 (Reuters) - Saudi Basic Industries Corp (SABIC) posted a 10 percent year-on-year fall in its first-quarter net profit on Saturday, in line with analysts’ forecasts.

SABIC said in a bourse statement that its net income for the three months to March 31 was 6.56 billion riyals ($1.75 billion) compared to 7.27 billion riyals in the same period last year. It cited lower production and sales volumes due to planned maintenance at the facilities of some affiliates.

However, SABIC also said first-quarter profit had risen from 5.83 billion riyals in the fourth quarter of 2012. It cited higher sales prices of some products, which it did not name. Some figures for previous periods have been revised, SABIC said without elaborating.

Eleven analysts surveyed by Reuters had forecast SABIC would earn, on average, 6.59 billion riyals in the first quarter.

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