MOSCOW (MRC) -- Austria's Borealis reported an 86 percent jump in first-quarter net profit to 255 million euros (USD293 million) on Wednesday boosted by better margins in its polyolefin business, said Reuters.
Regarding the second quarter, Chief Executive Mark Garrett cautioned the plastics and fertiliser maker could fail to match the net profit of 351 million euros it achieved a year earlier.
Borouge, a joint venture with Abu Dhabi National Oil Company, became the world's biggest integrated polyolefins complex with work on the Borouge 3 project largely completed last year.
Abu Dhabi sovereign wealth fund IPIC and Austrian energy company OMV took over Borealis in 2005.
As MRC informed earlier, Borealis announced progress made to date on the start-up of the third phase expansion of its Borouge joint venture with Abu Dhabi National Oil Co. in Ruwais, Abu Dhabi.
Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With headquarters in Vienna, Austria, Borealis currently employs around 6,500 and operates in over 120 countries. It generated EUR 8.3 billion in sales revenue in 2014.