Oil slide slashes first-quarter profit, not investment plans at Saudi's SABIC

April 19, 2015 12:18 PM

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Oil slide slashes first-quarter profit, not investment plans at Saudi's SABIC

RIYADH (Reuters) - Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit.

SABIC 2010.SE, one of the world's largest petrochemicals groups and Saudi Arabia's biggest listed firm, said net profit sank to 3.93 billion riyals ($1.05 billion) in the three months to March 31 from 6.44 billion riyals a year earlier.

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