Continued progress in performance chemicals
Borregaard’s operating revenues totalled NOK 1,007 million (NOK 992 million)¹ in the 1st quarter of 2015. EBITA² was NOK 105 million (NOK 99 million).
Performance Chemicals and Other Businesses improved their EBITA, while there was a decline in Specialty Cellulose. Currency developments contributed positively in all business areas despite negative impact from hedging. Production at the Sarpsborg site was in line with the corresponding quarter last year. In total, raw material, energy and other costs were stable.
EBITA in Performance Chemicals increased as a favourable product mix, higher sales prices and positive currency effects more than compensated for a 9% reduction in total sales volume. The decline in Specialty Cellulose was mainly due to lower sales prices and a weaker product mix. EBITA in Other Businesses improved, primarily due to progress in the Ingredients business and lower net corporate costs.
Profit before tax was NOK 100 million (NOK 92 million) in the 1st quarter. Earnings per share were NOK 0.74 (NOK 0.65).
- We are pleased with the continued progress in Performance Chemicals and the underlying result for the Group. The full impact from a weaker Norwegian krone is delayed due to currency hedging, says President and CEO Per A. Sørlie.
1. Figures in parentheses are for the corresponding period in the preceding year.
2. Operating profit before amortisation and other income and expenses.