Borregaard: improved result in 1st quarter 2017

Borregaard’s operating revenues reached NOK 1,136 million (NOK 1,113 million)¹ in the 1st quarter of 2017. EBITA adjusted² increased to NOK 200 million (NOK 171 million), a 1st quarter all-time high level. Speciality Cellulose improved its EBITA adj.¹, while there was a stable result for Other Businesses and a small decline in Performance Chemicals. Currency effects were slightly negative in the 1st quarter.

Performance Chemicals’ EBITA adj.¹ was slightly below last year’s level. Increased sales of specialities and a generally more favourable product mix partly offset the impact of a weak construction market, cost increases and negative currency effects. The improvement in Speciality Cellulose was primarily due to higher prices and positive mix effects. Within Other Businesses, a weaker performance in Ingredients and Fine Chemicals was largely offset by lower net costs in Cellulose Fibrils.

Profit before tax increased to NOK 195 million (NOK 161 million). Earnings per share in the 1st quarter were NOK 1.48 (NOK 1.21).

-  We are pleased with the Group profit improvement and the increased sales of speciality products, both in Performance Chemicals and Speciality Cellulose, says President and CEO Per A. Sørlie.

 

1. Figures in parentheses are for the corresponding period in the preceding year
2. Operating profit before amortization and other income and expenses