Borealis’ third quarter results improve in a continuously challenging market
Borealis, a provider of chemical and innovative plastics solutions, recorded a net profit of EUR 129 million for the third quarter of 2012 compared to EUR 107 million in the same quarter in 2011. Overall, the company has delivered a net profit of EUR 380 million year to date, compared to EUR 448 million during the same period in 2011. Net debt was reduced by EUR 63 million in the third quarter of 2012, resulting in a gearing of 41%.
The Base Chemicals business and Borouge, Borealis’ joint venture in Abu Dhabi, continued to perform well in the third quarter of 2012, contributing significantly to the net profit.
Despite the ongoing challenging market conditions in the European marketplace, the polyolefins business improved its financial results compared to the same quarter last year, supported by a higher price environment.
- Borealis recorded a net profit of EUR 129 million in the third quarter of 2012, an increase of EUR 22 million compared to the third quarter of 2011
- The Base Chemicals business and joint venture Borouge continued to perform well whereas the European polyolefin business remains challenging
- Construction of semi-commercial catalyst plant in Linz, Austria completed
- Borouge 3 expansion well on track
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