Borealis announced a net profit of US$306.81 million for the second quarter of 2017, compared to US$ 363.20 million in the same quarter of 2016.
This makes for a record first half year result, with a net profit of US$674.65 million. The net profit in the second quarter was supported by the increased profit contribution from Borouge.
European integrated polyolefin margins remained healthy but were softer than in the second quarter of 2016. The fertiliser business environment continued to remain weak, with a similar business performance compared to the second quarter of 2016.
In the second quarter, net debt reduced by US$131.63 million, reflecting a solid business performance and a high investment level related to growth projects and turnarounds. Borealis financial position remains strong, with a gearing of 19 percent at the end of the second quarter of 2017.
"Borealis has achieved a solid result for the second quarter, making for a record first half year result. The generally healthy integrated polyolefin margins have been the main driver for this result," said Mark Garrett, chief executive, Borealis.