Qurain Petrochemical’s First-Quarter Profit Drops 78%

Qurain Petrochemical Industries Co., a Kuwait-based maker of plastics and chemicals, said first-quarter profit fell 78 percent, mainly because of losses incurred by Kuwait Aromatics Co.

Net income in the three months to June 30 declined to 124,843 dinars ($442,705), or 11 fils a share, from 563,268 dinars, or 51 fils per share, a year earlier, the company said in an e-mailed statement today.

Qurain Petrochemical has a 20 percent stake in Kuwait Aromatics Co., while Petrochemical Industries Co. and Kuwait National Petroleum Co. each own 40 percent.

(Corrects to reflect amended company statement.)
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