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| 09.08.2007 | Lesedauer: ca. 2 Minuten |
  
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Borealis announces record net profit: EUR 137 million for second quarter and EUR 250 million for first half of 2007
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Borealis (www.borealisgroup.com), a leading provider of innovative, value creating plastics solutions, announces a net profit of EUR 137 million after tax for the second quarter of 2007, a 20% increase over the previous quarter and a 50% increase on the same period last year. The net profit after tax for the first half of the year is EUR 250 million and the financial gearing at the end of June was 32%, providing a solid platform for the company’s growth plans in Europe, the Middle East and Asia. The performance was driven by strong market conditions coupled with the company’s focus on specialised applications, enabling Borealis to better manage pressure from rising feedstock prices, and was achieved in spite of maintenance turnarounds at the steam crackers in Norway and Finland. Anzeige Borealis has completed the acquisition of Agrolinz Melamine International (AMI), a leading international provider of melamine and plant nutrients, as part of its strategy to develop a Base Chemicals business.
The second quarter also saw the sale of the company’s Norwegian polyolefins business and share in the Noretyl gas cracker to Ineos for EUR 290 million, a further step towards increasing the overall competitiveness of Borealis’ European operations. The growth of Borealis in the Middle East and Asia is being boosted by Borouge, the company’s joint venture with the Abu Dhabi National Oil Company. Major contracts valued at approximately US$ 4.7 billion have now been signed for Borouge 2, the major expansion project in Ruwais, Abu Dhabi, aimed at tripling annual production capacity to two million tonnes of polyolefins by 2010. |
Borealis AG, Wien/Austria
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