DUBAI: Saudi International Petrochemical Co (Sipchem) blamed a plant shutdown for lower production and sales as the company reported a 33 percent drop in fourth-quarter profit that was roughly in line with analyst estimates.
Sipchem made a profit of 132.4 million riyals ($35.28 million) in the three months to Dec. 31, according to a statement to Riyadh's bourse. That compares with a profit of 196.8 million riyals in the prior-year period.
Four analysts polled by Reuters on average forecast Sipchem would make a quarterly profit of 129.25 million riyals.
The company blamed the profit drop on the shutdown of a methanol plant during the fourth quarter - which resulted in lower production and sales quantities - plus lower sales prices for methanol and butandiol products.
Sipchem's 2014 annual profit was 606.2 million riyals, down from 620.5 million riyals in 2013.
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