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People & Business :: Earnings/Finance

Borealis's first-quarter profit down, Borouge's contribution shrinks due to turnaround

4:16 AM MDT | May 16, 2013 | Natasha Alperowicz

Garrett:North American expansion will help push restructuring in Europe.  Borealis today reported a major drop in first-quarter net profit to €61 million ($78.5 million) from €140 million in the year-earlier quarter citing lower sales and volumes and profits in its Borouge joint venture in Abu Dhabi, as well as soft market conditions in the European polyolefins business. Sales were 5% higher at €1.98 billion. Borealis is owned 64% by the International Petroleum Investment Co. (IPIC; Abu Dhabi) and 36% by OMV (Vienna).   In an...

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