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Braskem Reports a Big Fall in First-Quarter Profits

2:07 AM MDT | May 8, 2009 | Deepti Ramesh

Braskem (São Paulo) reported a 88% fall in net profits for the first quarter of 2009, to R$10 million ($4.8 million) compared to the year-ago period, primarily due to lower operating margins. Sales decreased by 28%, to R$3.15 billion. This 24% reduction in sales reflects the adjustment in domestic resin prices in relation to international resin prices, with production returning to full capacity, Braskem says. In December 2008, Braskem reduced the capacity utilization rates of its plants in the basic petrochemicals unit to 55%, in order to normalize the...

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