Sabic swings to first-quarter loss due to lower revenue and writedowns – The National

Sabic swings to first-quarter loss due to lower revenue and writedowns – The National

The company reported a loss of 950m riyals due largely to impairment provisions on a polymers plant in Spain. Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals producer, swung to a loss in the first quarter on the back of a decline in revenue, lower selling prices of its products and impairment provisions made against certain capital and financial assets.. The company reported a net loss of 950 million riyals (Dh930m) for the three months to the end of March, compared to a profit of 3.41 billion riyals recorded during the same quarter last year, the company said in a statement to the Tadawul stock exchange, where its shares trade.. Revenue plunged 18 per cent year-on-year to 30.83bn riyals.. "The net loss in the first quarter of 2020 is mainly attributable to the lower average selling prices, in addition to impairments provisions in certain capital and financial assets in the amount of 1.1bn riyals including what had been announced on February 18 for the impairment provision in the Ultem polymers plant in Cartagena, Spain by 713m riyals," the company said.. The company earlier this year said it is planning to suspend production of Ultem polymers in Cartagena plant