YANSAB: Non-operating Net Loss in 2Q 2007
SABIC affiliate, Yanbu National Petrochemical Company (YANSAB) announced non-operating net loss of SR 9.3 million (approx. EUR 1.8 million) for the second quarter of 2007 compared to non-operating net profits of SR 37.1 million (approx. EUR 7.2 million) reported for the same period in 2006. This is primarily due to drop in other revenues arising of investing paid capital from SR 46.6 million (approx. EUR 9 million), in the second quarter of 2006, to nil in the second quarter of 2007 as a result of utilizing the paid up capital for payment of constructing YANSAB’s petrochemical complex as planned while the G&A expenses virtually remains the same (SAR 8 million).
It is expected that project will be completed and the plant will go-live in 2Q 2008 as scheduled.
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