Braskem Earnings Drop, Updates Ethylene XXI Status

Braskem (São Paulo) reported first quarter Ebitda of of R$787 million ($395 million), down 11% from the year-ago quarter, due to pricing pressures and increased raw material prices. Net revenue increased 11%, to R$8.2 billion. “Margins in the petrochemical industry remained depressed in the quarter due to the combination of limited demand, which reflected the weak economic growth, especially in developed countries, and higher prices for raw materials, mainly naphtha,” Braskem says. Braskem also noted progress with Ethylene XXI, a 1.1 million...

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