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Borealis reports financial results for Q2

by ChemOrbis Editorial Team -
  • 15/08/2017 (16:30)
According to a press release on the company’s website, Borealis reported its financial results for the second quarter of 2017. The company posted a net profit of €261 million ($305.9 million), down by around 16% year-on-year from €309 million ($362.9 million) recorded in the same period of last year.

Despite weaker results in the second quarter, the company reached a record net profit of €574 million ($673.9 million) in the first half of 2017. The company’s net profit in the second half of the year mainly found support from Borouge’s higher profit contribution.

In the April-June period, Borealis’ consolidated revenue was up by 5% from a year earlier to reach €2.25 billion ($2.6 billion) on the back of higher polyolefin prices.

Meanwhile, the company’s net debt decreased by €112 million ($131.4 million) in the second quarter in line with strong financial performance as well as more investments on growth projects and turnarounds.
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