Borealis has revealed a net profit of €100m in the fourth quarter of 2012, compared with €58m in the same quarter of 2011. The company, however, recorded a net profit of €480m in 2012, against €507m in 2011.
According to Borealis, this reduction was largely driven by a weaker margins suffered by its Europe within polyolefins business. The company’s Borouge joint venture, however, “significantly contributed to Borealis’ positive results for the year”.
“In 2012 our joint venture Borouge significantly contributed to our profitability,” said Mark Garrett, Borealis chief executive. “However, 2012 showed that the polyolefins industry in Europe is still suffering from low growth and margins and it is likely that this will not improve materially for some time.
“We will further optimise our European operations in order to be sustainably profitable to grow in these volatile markets.”