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)

 

To discuss issues facing the chemical industry go to ICIS connect

By: Mark Watts
+44 20 8652 3214

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.

Printer Friendly