Riyadh-Mubasher: Saudi Kayan recorded net losses of SAR 624 million in the fourth quarter of 2015, against net earnings of SAR 11.8 million in the same period a year ago.
The petrochemical producer suffered SAR 1.2 billion in net losses during the 12-month period, compared with SAR 44.7 million a year earlier.
The fourth-quarter losses were due to decrease in average selling prices for most of the products, in addition to a provision for slow moving and dormant spare parts inventory for the plants, Kayan said.
It added that the increase in FY15 losses was attributable to a decrease in production and sales volumes associated with the first-quarter scheduled turnaround.
