Saudi petrochemical giant Sabic on Saturday unveiled second quarter net profit of 1.81 billion riyals (482.7 million dollars), improving on a first quarter loss but down 76 percent year-on-year.

Saudi Basic Industries Corp said it is still suffering from the sharp decline in prices for its petrochemicals, minerals and plastics "due to the global financial and economic crisis."

The kingdom's non-oil industrial powerhouse said in a statement that net profit for the quarter ended June 30 was down from 7.55 billion riyals (2.01 billion dollars) in the second quarter of 2008.

But it improved from a loss of 974 million million riyals (260 million dollars) in the first three months of 2009, suggesting that conditions in its markets -- including key buyer China -- have improved somewhat.

Sabic's revenues fell 58 percent to 6.22 billion riyals (1.66 billion dollars) in the quarter from 14.85 billion riyals (3.96 billion dollars) a year ago, but were up from 3.6 billion (960 million dollars) in the three months to March.

Earnings per share for the six months to June 30 plunged to 0.28 riyals, from 4.82 riyals a year earlier.

Second quarter net profit was slightly above forecasts of 1.5 to 1.7 billion riyals.

Production in the first six months of 2009 rose one percent to 28.5 million tonnes while sales volume edged up two percent to 22.9 million tonnes.

The earnings report was released after the close of the Saudi stock market on Saturday. Sabic's share price closed the day up 4.37 percent at 65.75 riyals (17.53 dollars).

The share price is up 16.9 percent from the beginning of the year.