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Borealis Q3 earnings exceeded expectations

November 05/2010

(ICIS) -- Borealis CEO Mark Garrett said on Thursday that the groups third-quarter earnings had exceeded expectations, which had been lowered by the expected negative effect of start-up costs incurred for the company"s Borouge 2 project and for its low density polyethylene (LDPE) plant in Sweden.


Earlier on Thursday, Austrian-based plastics producer Borealis reported that its third-quarter net profit rose by 14.8% to ?54.0m ($76.1m) compared with the same period last year, while sales for the third quarter grew by 24.1% year on year to ?1.59bn.


We currently get no sales [from Borouge 2] because we are doing all the performance testing; we are slowly filling up the supply chain but product wont get to customers until the December/January timeframe, so we wont see any sales benefits until then, the CEO added.


Meanwhile, Garrett reiterated that Borealis would focus on its existing projects in Europe and the Middle East before looking at any new investments. However, he added that the group expected to make significant additions to monomer and polymer capacity between now and 2015.


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Borealis Q3 earnings exceeded expectations

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