Borealis Q3 op profits rise 29%, sales up 9%

12 November 2007 10:50  [Source: ICIS news]

LONDON (ICIS news)--Borealis booked a 29% increase in third-quarter operating profits at €143m ($208m) despite polyolefins production disruptions in Austria, the Vienna-based plastics producer said on Monday.

 

Net profit more than doubled to €225m, up from €104m in the year-earlier period, which included a €105m one-off gain from the sale of its Norwegian business and share in the Noretyl cracker to INEOS.

 

Third-quarter sales reached €1.67bn, 9% higher than the same period last year.

 

“Our strong performance reaffirms the continued success of our ‘value creation through innovation’ strategy in the infrastructure, automotive and advanced packaging markets,” said CEO John Taylor.

 

“Specifically, our divestment in Norway aimed at increasing the cost competitiveness of our European operations contributed to our good results,” he added.

 

($1 = €0.68)

 

By: Mark Watts
+44 20 8652 3214

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