Borealis, a leading provider of chemical and innovative plastics solutions, announces a net profit of EUR 174 million for the first quarter of 2011, a substantial increase compared to the same quarter in 2010. This achievement was mainly driven by two factors: a healthy volume growth and margin improvement in both Polyolefins and Base Chemicals. In addition, the Borouge joint venture provided an increased contribution given the continuing successful ramp-up of Borouge 2.
The company's overall financial position remains strong. Gearing remains well within the target range at 43%, reflecting an increase since the beginning of the year, driven largely by the dividend payment of EUR 100 million in March, reports the company.