Rabigh Refining and Petrochemical Company (Petrorabigh) [2380.SE] has announced its 1Q2016 financial results, showing losses of SAR32.7 million compared to losses of SAR1 billion in 4Q2015 and profit of SAR205 million in 1Q2015. Gross profit came in at SAR221.5 million versus a gross loss of SAR772 million and a positive SAR577 million in 4Q2015 and 1Q2015 respectively. Operating losses were SAR13.9 million during the quarter, as opposed to operating losses of SAR1 billion in 4Q2015 and operating profit of SAR225 million in 1Q2015. On a quarterly basis, Petrorabigh attributed the lower losses to higher production and sales, following the total shutdown in 4Q2015. Petrorabigh also stated that the weaker earnings levels compared to 1Q2015 was due to i) lower Petrochemical sales volumes; as well as ii) weaker refinery margins. (Tadawul)