Borealis announces EUR 113 million Q1 net profit in 2007
- Borealis announces EUR 113 million net profit for the first quarter, a 13% increase over previous quarter
- Continued investments strengthen European asset base
- USD 3 billion in new Borouge 2 contracts to support growth in the Middle East and Asia
| Key figures and ratios (Quarter ending March 31, 2007) | Q1 2007 | Q1 2006 | Q4 2006 | Q1-4 2006 | |
|---|---|---|---|---|---|
| Sales revenue | EUR Million | 1,481 | 1,332 | 1,423 | 5,742 |
| Operating profit / (loss) | EUR Million | 127 | 36 | 108 | 353 |
| Net profit / (loss) after tax | EUR Million | 113 | 31 | 100 | 327 |
| Reduction / (increase) in net interest-bearing debt | EUR Million | 61 | (79) | 136 | 58 |
| Gearing | % | 30% | 49% | 34% | 34% |
Borealis, a leading provider of innovative, value creating plastics solutions, announces a net profit of EUR 113 million for the first quarter of 2007, a 13% increase over the previous quarter. Net interest-bearing debt was reduced by EUR 61 million during the quarter, and the gearing ratio decreased from 34% in the fourth quarter of 2006 to 30%.
This performance was fuelled by strong market conditions, especially in the infrastructure sector, as well as by key market sales growth and operational excellence.
Commenting on the results, Chief Executive John Taylor said: "Our Value Creation through Innovation strategy and focus on specific market sectors continue to drive sales growth and to deliver results to the bottom line."
During the quarter, Borealis announced that it will invest EUR 370 million in its Stenungsund, Sweden, operation to supply the growing wire and cable market, and confirmed that it is also on track to complete the 330,000 t/y expansion of its polypropylene facilities in Germany based on Borstar technology by the end of this year.
In April, Borouge, the company's joint venture with the Abu Dhabi National Oil Company, awarded a further USD 3 billion in contracts for Borouge 2, the major expansion project in Ruwais, Abu Dhabi, in the United Arab Emirates, that will triple annual production capacity to two million tonnes of polyolefins.
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For further information please contact:
Borealis: Craig Halgreen, Group Communications Director,
Tel. +43 122 400 334
Email: media@borealisgroup.com