Borealis: Profit Above Expectations
Borealis AG, Vienna, Austria, made in the first quarter 2013 a net profit of EUR 61 million compared to EUR 140 million in the same quarter in 2012. The decrease in net profit was a result of lower sales volumes and profits in its joint venture, Borouge, due to a planned turnaround for routine maintenance, as well as soft market conditions for the European Polyolefins business. The Base Chemicals Business Group including fertilizer continued to perform well and delivered results above the same quarter of last year.
Net debt increased by EUR 173 million, driven largely by the acquisition of DEXPlastomers and a dividend payment to Borealis’ shareholders. Borealis’ financial position remains strong with financial gearing at 47% at the end of the first quarter.
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