Advanced Petrochem Heads to 7-Month Low as Net Falls
(Corrects spelling of company name in headline.)
Advanced Petrochemicals Co. (APPC) headed for the lowest close in more than seven months after the Saudi manufacturer of polypropylene products reported a 65 percent drop in second-quarter profit as sales declined.
The shares tumbled 2 percent to 22.50 riyals, the lowest level since November 27 last year, at 12:37 p.m. in Riyadh. The benchmark Tadawul All Share Index fell 0.2 percent.
Net income fell to 53.9 million riyals from 155.6 million riyals, according to a statement to the Saudi bourse today. The median estimate of six analysts was for a profit of 59.5 million riyals, according to data compiled by Bloomberg.
To contact the reporter on this story: Alaa Shahine in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com