Sabic profit falls 6.8%

RIYADH — Saudi Basic Industries Corp (Sabic) reported a net profit of SR5.22 billion ($1.39 billion) for the third quarter of this year, a 6.8 percent decline compared to the same period last year. The petrochemicals giant had reported SR5.6 billion profit in the year-earlier period. Sabic attributed the profit fall to lower average sales prices and a reduction in the quantity of products sold, which outweighed the benefits gained from a decrease in costs, said a Reuters report. Sabic’s products include plastics, fertilizers, steel and other metals. Sipchem slumps to loss Saudi International Petrochemical Co (Sipchem) swung to a net loss in the third-quarter, according to a bourse statement Wednesday, as product prices fell. Net loss of SR59 million ($15.7 million) in the three months ending Sept. 30 versus net profit of SR71.6 million a year earlier.