Yanbu National Petrochemical Co. (Yansab) has declared the interim results for the 1st quarter 2008 that shows net none operational loss of SAR 6.9 compared to net none operational loss of SAR 4.9 million for the same quarter 2007 with change of 40.8%. Recording a loss during the pre operating period is usual for such project which is still in stage of construction. Besides, the fully use of paid up capital has reduced other income. The per share loss for the 1st quarter 2008 was SAR (0.012) compared to per share loss of SAR (0.009) for the same quarter 2007. It is worthy to say that Yansab complex is still under construction and all income and expenses incurred are none operational.



On this occasion, Mr. Mutlaq Al Morished, Yansab Chairman and SABIC CFO, has stated that progress on the project is going on where all engineering and procurement is near completion for most units and focus has been on the construction at site where the progress in construction only reached 75.7% while overall progress for EPC as a whole has reached 88.8% by end of the 1st quarter 2008. During the quarter, Yansab continued to receive more notices of completion for the plants units and has commenced testing and pre commissioning activities for the received units. Mr. Morished added, that Yansab expects to commence trial production before the end of 2008.