Saudi SABIC Q3 net profit rises 2.5 percent

Reuters

DUBAI, Oct 27 (Reuters) - Saudi Basic Industries Corp(SABIC) on Sunday posted a 2.5 percent rise in itsthird-quarter net profit, roughly in line with analysts'forecasts.

SABIC, one of the world's biggest petrochemicals groups,said in a bourse statement that its net income for the threemonths to Sept. 30 was 6.47 billion riyals ($1.73 billion)compared to 6.31 billion riyals in the same period last year.

The company cited higher sales volumes, favourable pricesfor some products and lower financial charges.

Nine analysts surveyed by Reuters had forecast SABIC wouldearn, on average, 6.4 billion riyals for the third quarter.

The financial performance of SABIC, which makespetrochemicals, metals and fertilisers, is closely tied to theworld economy because its products are used extensively inconstruction, car manufacturing and other major consumer goods.

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