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Saudi Kayan posts higher than expected net loss in Q1

by ChemOrbis Editorial Team -
  • 16/04/2015 (12:28)
Saudi Kayan Petrochemicals, an affiliate of Saudi Basic Industries Corporation (SABIC), reported its financial results for the first quarter of 2015, according to media reports. The Saudi company posted a net loss of 591.6 million riyals ($157.8 million) in the first quarter of this year, a steeper loss than analysts’ initial estimates, which called for a 293.5 million riyals ($78.2 million) net loss, according to a survey by Reuters.

The higher than expected net loss in the first three months was attributed to weaker prices and lower production stemming from a maintenance shutdown at its olefins plant. The company had shut their HDPE and LDPE plants in Jubail at the beginning of February, which took about two months, while they also reduced production at their MEG and PP plants, which are fed by the olefin unit.
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