30 October 2008 09:04 [Source: ICIS news]
LONDON (ICIS news)--Borealis’ third-quarter net profits slumped 29% to €159m ($204m), from €225m year on year due to a one-off gain from the sale of assets in 2007, the Austrian plastics producer said on Thursday.
Excluding the one-off gain, net profits increased by 33% over the same period last year, the company added.
Operating profits rose 21% to €173m, from €143m, while sales revenue was up 9.9% at €1.83bn, from €1.67bn in the third quarter last year, it said.
“These solid third-quarter results were achieved despite worsening market conditions in the polyolefins business,” the company said, adding that its plant nutrients businesses continued to experience favourable trading conditions.
The company said the financial crisis was affecting demand going into the fourth quarter.
“We believe that significant parts of the world economy are already in recession and while we should be pleased with our third-quarter results, there are very clear indications of a significant softening of the polyolefin markets in the current quarter and beyond,” said CEO Mark Garrett.
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During the third quarter Borealis inaugurated its
It also said the construction of its 350,000 tonne/year low density polyethylene (PE) plant in
In the Middle East, the construction of Borouge 2 petrochemicals complex was proceeding as planned for completion in 2010, and feasibility studies were in progress for Borouge 3 and a new chemicals industrial city, both to be located in
($1 = €0.78)
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