RIYADH Saudi Basic Industries Corp, the world’s fourth-biggest petrochemicals firm, reported a net loss of 2.2 billion riyals ($586.6 million) in the second quarter, its third straight quarterly loss, on impairments and a drop in sales.
SABIC cited 1.18 billion riyals in impairments on capital assets and lower average selling prices and sales volumes for the loss.
The loss compared to a net profit of 2.03 billion riyals a year earlier and widened from a loss of 1.05 billion riyals in the first quarter.
Analysts had expected SABIC to post a loss of 40.85 million, a mean estimate of four analysts based on Refinitiv Eikon data showed.
Saudi oil producer Aramco completed its purchase of a 70% stake in SABIC for $69.1 billion in June and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
($1 = 3.7503 riyals)
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