Borealis: Results from First Quarter
Borealis AG, Vienna, Austria, recorded a net profit of EUR 140 million for the first quarter of 2012 compared to EUR 174 million in the same quarter in 2011. The decrease in net profit was – according to company information – a result of the difficult market conditions, especially for the European Polyolefin business segment. Both Borouge and the Fertilizer business continued their strong performance. Net debt increased by EUR 186 million in the first quarter of 2012, largely driven by the acquisition of the French fertilizer producer PEC-Rhin and a dividend payment to Borealis’ shareholders. Borealis’ financial position remained strong reflected by a gearing of 40%, improving 3 percentage points, compared to the first quarter of 2011.
The Borouge 3 expansion project in Abu Dhabi, UAE, is progressing as planned, with currently nearly 21,000 contractor personnel on site. The expansion will increase the annual capacity of the integrated olefins/polyolefins site from 2 million tonnes to 4.5 million tonnes by 2014.
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