Saudi's SABIC extends earnings slump as Q2 net profit falls 23.2 pct

Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, reported a 23.2 percent drop in second-quarter net profit on Wednesday, extending a earnings slump as lower sales prices continued to weigh. SABIC made a net profit of 4.74 billion riyals ($1.26 billion) in the three months to June 30, down from 6.17 billion riyals in the year-earlier period, the company said in a bourse statement. SABIC, which is 70 percent state-owned, attributed the profit fall to lower ave