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Sabic posts 35% profit dip for Q2

Saudi Basic Industries Corp (Sabic) has reported a 35% decline in second-quarter profit on lower product pricing and higher raw materials costs, Bloomberg has reported. Net income dropped to SR5.3bn ($1.4bn) from SR8.1bn a year earlier, Sabic said. "The continuous slowdown in global economic growth, especially in Europe, China and North America, which negatively impacted the prices of petrochemical products," was the major reason for the earnings decline, the world's biggest petrochemicals maker said.