OREANDA-NEWS. Saudi International petrochemical Co. (Sipchem) announced the interim financial results for the period ended 30th September 2014:

Net profit during second quarter amounted to SR 160.6 million compared to SR 185.2 million for the same quarter last year with a decrease of 13.28% and compared to SR 244.6 million for the previous quarter with a decrease of 34.34%.

Earnings per share during the three months was SR 1.29 compared to SR 1.15 for the same period last year.

The reason for the decrease for the current quarter compared with the same quarter last year is due to decrease in production quantities and accordingly sales quantities due to unplanned shutdown of Methanol plant and planned shutdown of Butanediol plant during the third quarter of current year which was announced in TADAWUL site on 24-07-2014 and 31-08-2014 in addition to the increase in feedstock prices (Butane and Ethylene).