Saudi Arabian petrochemical giant SABIC reports Q3 net loss | Reuters
Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss.
In a filing, SABIC reported a net loss of 2.88 billion riyals ($768 million) for the three months to Sept. 30, compared with a profit of 1.84 billion riyals a year earlier.
The loss was mainly driven by an impairment charge of 2.93 billion riyals on the fair value of Saudi Iron and Steel Company (Hadeed) after Saudi Arabia's sovereign wealth fund acquired SABIC's entire stake in the company.
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