YANSAB reports preliminary financial results for first nine months of 2009

Yanbu National Petrochemical Company (YANSAB) has reported the preliminary financial results for its operations during the first nine months of 2009.

1. Net loss during the third quarter of 2009 amounts to SR 7 million compared to net loss of SR 4.9 million in the same quarter of last year, an increase of 42 percent and net loss of SR 6.7 million in the previous quarter, a rise of 5 percent.
2. Net loss during the nine months of 2009 amounts to SR 21.9 million compared to net loss of SR 18 million for the same period last year, an increase of 22 percent.
3. Loss per share during the nine months amounts to  SR 0.04 compared to loss per share of SR 0.03 in the same period last year.
4. The reason for the increased losses during the second quarter of 2009 is due to rise in general and administrative expenses. All profits and losses shown are income and non-operating expenses.

Mutlaq Al-Morished, YANSAB Chairman and SABIC Vice President, Corporate Finance, said that production has already begun at the complex and products were shipped to customers during the third quarter of 2009. According to established accounting standards, profits generated from sales in that period are deducted against the project costs.