(Corrects spelling of company name in headline.)
Advanced Petrochemicals Co. (APPC) headed for the lowest close in more than seven months after the Saudi manufacturer of polypropylene products reported a 65 percent drop in second-quarter profit as sales declined.
The shares tumbled 2 percent to 22.50 riyals, the lowest level since November 27 last year, at 12:37 p.m. in Riyadh. The benchmark Tadawul All Share Index fell 0.2 percent.
Net income fell to 53.9 million riyals from 155.6 million riyals, according to a statement to the Saudi bourse today. The median estimate of six analysts was for a profit of 59.5 million riyals, according to data compiled by Bloomberg.
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