Austrian chemical maker Borealis reported that its sales and net profit sharply declined in the third quarter of this year, compared to the same quarter in 2019. The sharp fall was mostly attributed to the pandemic-induced downturn, although selling prices in Asia and the US began to improve in the period. CEO Alfred Stern also warned that the pandemic would continue to provide the market with uncertainty in the coming quarters.
Borealis reported sales of €1.6 billion ($1.87 billion) in the third quarter of 2020, falling by 16.8% from €1.9 billion a year earlier. Third-quarter net profit also slumped to €163 million ($190.62 million), 21.3% lower than €207 million in the same period last year.
Polyolefins sales volumes increased in the third quarter despite less favourable market conditions. However, integrated margins fell year-on-year weighed by abundant global supply. At the same time, demand continued to take a hit from lockdown measures.
Borealis also reiterated its commitments in some big projects, including a propane dehydrogenation (PDH) plant in Belgium, an expansion at Borouge plant in the UAE, and a 1.1 million tons/year of polyethylene (PE) capacity in the US in a joint venture with Total and Nova Chemical.
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Published on November 5, 2020 12:42 PM (GMT+8)Last Updated on November 5, 2020 12:42 PM (GMT+8)
