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People & Business :: Companies
Borealis’s Profits Fall on Higher Oil and Naphtha Prices (update, adds CEO and CFO comments)
6:32 AM MDT | August 5, 2008 | Kerri Walsh and Ian Young
Borealis’s second-quarter net income dropped 48%, to €71 million ($110 million), on sales up 15%, to €1.8 billion. Operating income fell 66%, to €52 million. Borealis says earnings fell because of increased global crude oil and naphtha prices. Results benefited, however, from the newly formed base chemicals business, especially plant nutrients. The Borouge joint venture with Abu Dhabi National Oil Co. also contributed favorably to results, Borealis says. Naphtha prices have, on average, been 28% higher so far this year compared with the...
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