Sabic: Financial Results for the 1st Quarter
The Saudi Basic Industries Corporation (Sabic), Riyadh, Saudi Arabia, reports preliminary consolidated financial results for the quarter ended March 31, 2009. The net loss for the quarter ended March 31, 2009 was SR 0.974 billion, compared to net income of SR 6.924 billion in the same period of 2008. The net loss for the quarter ended March 31, 2009 is after a ’non-cash’ charge related to the impairment of goodwill amounting to SR 1.181 billion. The net income before the ’non-cash’ charge related to impairment of goodwill was SR 0.207 billion. The ’non-cash’ impairment charge does not have any impact on the cash flows.
The continued decline in prices for most petrochemical products and metals led to a decline in the profitability during the first quarter of 2009 compared to the same period last year.
The income from operations for the quarter ended March 31, 2009 was SR 0.380 billion compared to SR 10.891 billion in same period of 2008. The loss per share for the quarter ended March 31, 2009 was SR 0.33 compared to earnings per share of SR 2.31 for the same period in 2008.
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