Ineos and Borealis report financial results for Q4
Ineos’s earnings in Q4 of 2016 before interest, taxes, depreciation and amortization (EBITDA) increased to €559 million ($589 million), up 15% from €485 million ($511 million) recorded in the same period of 2015. The rise in the company’s income for the period was attributed to resilient US markets and higher demand for European products.
For the full 2016, the company’s EBITDA stood at €2.33 billion ($2.46 billion), up by more than 5% from €2.21 billion ($2.33 billion) in 2015.
Similarly, Borealis posted a net profit of €239 million ($252 million) in Q4. However, this was slightly down by 1% from €242 million ($255 million) in Q4 of 2015. Meanwhile, the company’s annual profit for the full 2016 rose to €1.107 billion ($1.167 billion) from €988 million ($1.041 billion) in 2015.
The rise in the company’s annual profit in 2016 was attributed to the stronger margins in the polyolefin business as well as the positive contribution of the Borouge 3 project.
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