2013 Exhibitions
Borealis, a leading base chemicals company has reported an uptrend Q3 net profit despite the challenging European market.
The healthy financial stance of the company, reporting a EUR 129 million net profit during the third quarter of this year against EUR 107 million during the same quarter last year has been supported by an equally healthy performance of its joint venture with polyolefins firm Borouge in Abu Dhabi, UAE, as well as a higher price environment.
Moreover, Borealis delivered an over all net profit of EUR 380 million year to date compared to EUR 448 million during the same period in 2011. Net debt was also reduced by EUR 63 million in the third quarter of 2012, resulting in a gearing of 41%.
“Current developments indicate that the petrochemical business in Europe will remain challenging,” said Borealis Chief Executive Mark Garrett. “We will continue to optimise our European operations in order to stay at the forefront of the market. Borealis has positioned itself well over the last five years to be able to weather such difficult market conditions and always remains focused on its four pillars of safety, innovation, operational and commercial excellence.”
Meanwhile Borealis continues its expansion, recently announcing in mid-November its acquisition of shares of DSM Plastomers B.V. and Exxon Chemical Holland Ventures B.V.
(PRA)
