12 March 2008 10:34 [Source: ICIS news]
LONDON (ICIS news)--Borealis recorded a 74% year-on-year drop in fourth-quarter operating profits to €28m ($43m), the Austria-based plastics producer said on Wednesday.?xml:namespace>
The company booked €1.61bn in sales for the fourth-quarter, 13% higher than the same period last year, while annual sales were up 11% at €6.35bn.
Operating profits for the full year were 28% higher than 2006 at €451m.
“There are signs of more challenging business conditions ahead, however our strong financial performance in 2007, coupled with our increased operational competitiveness and a focus on value- added solutions for our customers should position us well to face a more volatile market,” said CEO Mark Garrett.
Borealis specialises in polyolefins production and aims to triple the capacity of its Borouge joint venture in ?xml:namespace>
($1 = €0.65)
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