Borealis’ second quarter profits lower than in 2012
Borealis recorded a net profit of EUR 83 million for the second quarter of 2013 compared to EUR 112 million in the same quarter in 2012. Net profit for the first half of 2013 reached EUR 144 million compared to EUR 252 million during the same period of the year 2012.
The improvement in net profit in Q2 versus Q1 was driven by continued good results in Fertilizer and Base Chemicals and an improvement in Borouge profits following the completion of the Q1 turnaround. The lower net profit in the year-on-year comparison results largely from soft market conditions for polyolefins in Europe. Net debt increased in Q2 2013 due to the acquisitions of GPN SA and TOTAL’s majority interest in Rosier SA. Borealis’ financial position remains strong with gearing (net debt/equity) of 50% at the end of Q2.
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