REFILE- #Saudi SABIC misses forecasts with 12.4 pct profit drop | Reuters

REFILE-Saudi SABIC misses forecasts with 12.4 pct profit drop | Reuters:

Saudi Basic Industries Corp (SABIC) posted a 12.4 percent profit drop in the fourth quarter from a year earlier, citing lower average selling prices and a decrease in the share of results of associates.

SABIC made a net profit of 3.24 billion riyals ($864 million) in the three months to Dec. 31, down from 3.7 billion riyals in the year-earlier period, the company said in a bourse statement.

That was lower than the average forecasts of three analysts polled by Refinitiv, who expected SABIC to make a net profit of 4.92 billion riyals.