Saudi Kayan Petrochemical Company (Kayan) [2350.SE] has announced its 1Q2016 financial results, showing a loss of SAR216.3 million compared to losses of SAR624.1 million in 4Q2015 and losses of SAR591.6 million during 1Q2015. Gross profit for the period came in at a positive SAR77.6 million versus a comparable gross loss of SAR368.2 million and SAR367.9 million during 4Q2015 and 1Q2015, respectively. Operating losses came in at SAR24.3 million compared to SAR475.5 million in 4Q2015 and SAR442.9 million during 1Q2015. The company attributed the decline in its losses on a quarterly basis to a reduction in its feedstock costs and other raw materials, despite lower selling prices and higher zakat provisions. The company also noted that sales volumes were lower Q-o-Q due to scheduled maintenance activities that took place during the quarter. (Tadawul)