Saudi's Safco Q1 Net 5.5 Percent Down; Below Estimates
Saudi Arabian Fertilizers Co (Safco) reported a 5.5 percent fall in first-quarter net profit, missing forecasts.
April 15, 2012 9:11 by kippreport
Saudi Arabian Fertilizers Co (Safco) reported a 5.5 percent fall in first-quarter net profit, missing forecasts.
The company’s earnings fell to SAR787 million ($209.9 million) in the period, down from SAR833 million a year earlier, it said in a bourse statement.
The result fell short of expectations for the affiliate of Saudi Basic Industries Corp (SABIC), with seven analysts polled by Reuters anticipating on average a net profit of SAR996.4 million.
($1 = SAR3.7502.)
(Reporting by Firouz Sedarat)
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