Favourable currency rates contributed to a result in line with last year
Borregaard’s operating revenues totalled NOK 1,069 million (NOK 1,003 million)1 in the 3rd quarter of 2015. EBITA2 was NOK 160 million (NOK 165 million).
There was a slight EBITA decline in Performance Chemicals and Specialty Cellulose while Other Businesses improved. Currency developments, including negative hedging effects, contributed positively by approximately NOK 70 million.
EBITA in Performance Chemicals declined slightly from the 3rd quarter of 2014 as lower sales volume and weaker product mix were not fully compensated by higher prices and positive currency effects. For Specialty Cellulose, the impact of lower sales prices, a weaker product mix and lower contribution from bioethanol was largely offset by beneficial currency effects. EBITA in Other Businesses improved due to currency impact and increased sales in Fine Chemicals.
Profit before tax was NOK 151 million (NOK 153 million) in the 3rd quarter. Earnings per share were NOK 1.12 (NOK 1.10).
- Favourable currency effects contributed to a 3rd quarter result in line with last year, in spite of more challenging market conditions, 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.