Borealis: Net Profit Increased in Second Quarter
Borealis, Vienna, Austria, 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.
The new Borealis Sirius Catalyst plant was inaugurated in June in Linz, Austria. This plant produces specialized polyolefin catalyst utilising the proprietary Borealis Sirius catalyst technology, which will enable further tailoring of finished polymers. In June, Borealis also announced a EUR 65 million investment to upgrade its production site in Porvoo, Finland. The Borstar PE2 plant will be upgraded to the new Borstar third generation (3G) technology, thereby extending the Borstar PE platform.
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