Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) reported a 63% fall in second-quarter net profit on Tuesday but beat analysts’ forecasts slightly.

The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 227.4 million riyals ($60.6 million) in the three months to June, down from 613 million riyals in the same period of 2014, a statement to the Saudi bourse said.

Five analysts polled by Reuters had on average forecast Yansab would make a quarterly profit of 213 million riyals.

The company attributed the profit drop to lower production and sales volumes, adding that lower prices of some feedstock materials and sales from inventory reduced the negative impact.

Source: Reuters