11 August 2011 09:14 [Source: ICIS news]
LONDON (ICIS)--The net profit at Austrian plastics specialist Borealis was up by 82.6% year on year in the second quarter of 2011, driven by its joint venture polyolefins project in Abu Dhabi, the company said on Thursday.
Its net profit for the quarter was €168m ($240m), on the back of sales of €1.9bn. This was an increase from the same period of 2010, when the company recorded a net profit of €92m and sales of €1.6bn.
Borealis also managed to reduce its net interest-bearing debt by €12m during the quarter, the company said.
“The base chemicals business continued with its strong performance whilst the polyolefins business experienced lower margins towards the end of the quarter due to softening market conditions,” the company said in a statement.
“Borouge [Abu Dhabi Polymers Company], Borealis’s joint venture in Abu Dhabi, contributed significantly to the results,” the statement said.
Borealis did not provide a breakdown of profit by region or segment.
Borouge is a joint venture between Borealis and state energy giant Abu Dhabi National Oil Company (Adnoc).
Borealis itself is owned by Abu Dhabi state investment fund International Petroleum Investment Company (IPIC), which holds a 64% stake in the firm, and Austrian oil company OMV, in which Ipic holds a further 20% share.
($1 = €0.70)
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