Braskem’s Earnings Rise on Favorable Currency Exchange Rates

Braskem (São Paulo) reported second-quarter net income up 36%, to R383 million ($244 million), compared with the year-ago period. Braskem attributes the increase primarily to positive impact from foreign exchange rates. Ebitda fell 44%, to R519 million ($334 million), due to high naphtha costs combined with a decline in sales volumes for basic petrochemicals, Braskem says. Net sales fell 11%, to R4.4 billion ($2.7 billion). Braskem cites lower aromatics sales as well as lower ethylene and propylene sales volumes resulting from scheduled maintenance...

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