Borealis: Positive Results in the Third Quarter
Borealis AG, Vienne, Austria, reports a net profit of EUR 107 million in the third quarter of 2011 compared to EUR 54 million in the same quarter of 2010. Overall the company announces a net profit of EUR 448 million year to date, compared to EUR 200 million during the same period in 2010. Borealis’ net debt position improved in the third quarter by EUR 17 million, resulting in a gearing of 38 %.
These results were achieved in an increasingly challenging European market, particularly within the Polyolefins business segment. The Base Chemicals business segment also reported lower results, as margins have reduced from their peak in the second quarter of 2011.
Borealis’ joint venture in Abu Dhabi, Borouge performed well in the third quarter, continuing to successfully ramp up production of new polyethylene and polypropylene grades at its plant in Ruwais, Abu Dhabi. The distribution of the additional volumes to Borouge’s customers is supported by the three logistics hubs in China and Singapore. The Borouge 3 project, which will increase the annual production capacity of the plant by 2.5 million t to 4.5 million t by 2014, is progressing as scheduled.
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