Borealis posts 48% fall in Q2 net profit

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.

 

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 Abu Dhabi.

 

“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 Middle East,” he added.

 

($1 = €0.64)

 

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