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Braskem Swings to Loss on Local Currency Depreciation
10:27 AM MDT | August 14, 2012 | Kara Sissell
Braskem reported a net loss of R$1.03 billion ($510 million) in the second quarter 2012, compared with a gain of R$420 million in the year-ago quarter, due to continued weakness in Europe and the depreciation of Brazil’s currency in the second quarter. Earnings per share were a loss of R$1.29, compared with 52 cts in the year-ago period. Net sales were up 9% from the year-ago quarter, to R$9.1 billion. The second-quarter loss stems, in part, from the effects of an 11% local-currency depreciation on Braskem’s net exposure to the U.S. dollar. The...
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