Awwal 09, 1432, April 13, 2011, SPA -- Saudi Kayan Petrochemical Company listed as "Saudi Kayan" in the financial market recorded a net loss of SR 8.33 Million in the first quarter of this year, compared to a net loss of SR 3.77 million for the same quarter last year. In a press statement released here today, the Company said the loss per share during the three months (of the 1st Quarter) amounted to 0.0056 Riyals against a loss of 0.003 Riyals for the same period of the previous year. The company attributed the reason for the high loss during the first quarter of 2011 compared to the same period last year mainly to the increase in Zakat and general and administrative expenses. The company's chairman Eng Mutlaq Bin Hamed Al-Morished said that the project is still in the pre-commercial operation as all the profits and losses shown are income and non-operating expenses, noting that the net income earned from the sale of the company's products in that period is charged to the cost of the project in accordance with the accounting standards in this regard.
