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Borealis: Operating profit declines 85% in 2009

Operating profit of polyolefins group Borealis (Vienna / Austria; www.borealisgroup.com) sank 85% to EUR 24m in 2009. Net income of EUR 38m (EUR 239m) was diminished by nearly the same margin. The poor full-year figures primarily reflect losses in the first half – see PIEWeb of 11.08.2009 214105. Business began to turn around in Q3, and Q4 saw a swing to a positive operating result of EUR 11m after a loss of EUR 199m in the 2008 period.

Although the 2009 financial result was “lower than we expected,” CEO Mark Garrett called it “an outstanding achievement in light of the recession.”

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