Austria’s Borealis swings to €13m Q4 net profit

18 March 2010 09:45  [Source: ICIS news]

SINGAPORE (ICIS news)--Austrian polyolefin maker Borealis said on Thursday it posted a fourth-quarter net profit of €13m ($17.8m), reversing the heavy €122m loss incurred in the same period of last year.

It also recorded an operating profit of €11m in the last three months of 2009, against a €199m loss in the previous corresponding period, despite a 5.9% fall in sales, the company said in a statement.

Sales for the quarter totalled €1.27bn, it said.

For the full year, Borealis’s net profit shrank 84% year on year to €38m as sales plunged 30% to €4.71bn, the company said. Operating profit last year declined 85.3% to €24m.

“2009 was a tough year for the plastics industry. We suffered from the economic crisis, a demand drop as well as additional capacities coming on stream in the Middle East, which resulted in lower margins,” said Borealis chief executive Mark Garrett in a statement.

“With two major start-ups, more Middle East capacity coming online and a continuing difficult economy, we expect 2010 to be even tougher than 2009,” he added.

($1 = €0.73)

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