Braskem's Earnings Slide

Braskem (São Paulo) has reported second quarter net income of R$45 million ($26 million), down 96% compared with the year-ago quarter. Ebitda rose 42%, to R$1.04 billion. Net sales increased 77%, to R$6.5 billion. However, pro forma operating profit increased 62%, to R$676 million, compared with the year-ago quarter. Braskem says the net income decline was due in part to appreciation of the Brazilian real against the dollar. Braskem says total operating rates for the Quattor unit increased 83%, up 16% up from the prior quarter due to “the better...

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