05 August 2008 09:17 [Source: ICIS news]
LONDON (ICIS news)--Borealis’ second quarter net profits have almost halved year on year to €71m ($110m) from €137m as polyolefins margins were hit by higher crude and naphtha prices, the Vienna-based company said on Tuesday.?xml:namespace>
Sales were up 15% to €1.83bn compared with €1.59bn in the same period last year.
Borealis said that feedstock cost pressures were partly offset by a positive contribution from its newly-formed base chemicals business particularly from plant nutrients and its Borouge joint venture in ?xml:namespace>
“We have said before that we anticipate ongoing volatility and a softening of the markets and have been proactively preparing ourselves, especially by improving our cost competitiveness,” said Borealis CEO Mark Garrett.
“As a result we are in a sound financial position to pursue our strategy based on value creation through innovation and to continue our ambitious investment projects in the
($1 = €0.64)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|