Borealis: Improved Results in the Second Quarter
Borealis AG, Vienna/Austria, announced a net profit of EUR 92 million for the second quarter of 2010, a further improvement compared to EUR 54 million in the first quarter of this year as well as versus the second quarter of 2009 when the company recorded a net profit of EUR 35 million.
Net debt decreased during the second quarter driven by the higher margin environment. Gearing reached 44% at the end of June 2010 which is slightly above last years’ closing balance of 43%, but well within Borealis’ target range of 40–60%.
Feedstock prices came down after a peak in April while polyolefin market prices continued to increase leading to improved industry margins. European polyolefins industry sales volumes are in line with previous years’ sales levels. The sales volumes increased quarter-on-quarter in most market segments compared to the first quarter of 2010.
The Base Chemicals business group positively contributed to the result with volume growth and improved margins in the feedstock and olefins business. The melamine and plant nutrients business also showed improved sales volumes and profitability compared to the first half of 2009.
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