Polyolefins producer Borealis has begun the year in profit

Polyolefins producer Borealis has begun the year in profit

Results for the first quarter of 2004 show an operating profit of E56m, which compares with a E12m deficit for the same period last year. Turnover for the period was just more than E1bn, a rise of nearly 5% compared with last year.

The group said two factors contributed to the profitable first quarter: a higher sales volume and higher polyolefin prices. However, raw material costs have continued to rise.

Chief executive John Taylor said: “The current high feedstock price is still of concern. We need to stay focused on restoring margins.” Taylor was encouraged by sales of new products, such as the company’s Borstar polyethylene, which grew well in China.