An operating profit of €5M before a restructuring charge has been sign-posted by Borealis for the first quarter of this year. This compares to an operating loss of €13M a year ago. The restructuring charge of €17M relates to the continued implementation of the company’s transformation programme.

The net interest-bearing debt grew by €51M in the first quarter. The main drivers behind this were increases in polyolefins and feedstock prices, which lead to increased receivable and inventory values. Capital expenditure for the first quarter totalled €32M.

“We expect that the business environment will remain challenging in the second quarter,” says chief executive John Taylor.

“Borealis will continue with tight cost management which, together with benefits from our transformation programme, will strengthen our financial performance.”