Saudi Chemicals Giant Posts Another Surprise Earnings Loss
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Saudi chemicals giant Sabic recorded a surprise loss in earnings for a second straight quarter as the company suffers a slowdown in sales and undertakes a restructuring of its business to reduce costs.
Saudi Basic Industries Corp. posted a net loss of 1.2 billion riyals ($320 million), according to a statement on Sunday. That compares with analysts’ estimates for a profit of 699 million riyals. Sabic also missed on revenue and earnings per share.