For the first time in its history, chemical maker Borealis recorded full year net sales in excess of 8000 million euros in 2013.
According to the Austria-based company, it recorded a net profit of 148 million euros for the fourth quarter of 2013, compared to 100 million euros in the same quarter of 2012.
But Borealis also reported a net profit of 423 million euros, down from 480 million euros in 2012, a decline the company attributed to a softening fertilizer market and to costs incurred for the finalization and preparation for start-up of the Borouge 3 expansion project in Abu Dhabi, UAE: the cracker start-up is scheduled for the end of the first quarter of 2014, and will deliver an additional 2.5 million tonnes of PE and PP capacity when fully ramped up.
According to a statement, the company’s overall polyolefins business improved during 2013.
“At the beginning of 2013 we knew it was going to be a challenging year, given the transformational activity ongoing within the company and the continuing difficult market environment in Europe,” Mark Garrett, Borealis chief executive, said in the statement. “Although profits are lower in 2013, they have exceeded our expectations as the organization was able to optimize performance across the businesses.”