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Braskem’s Earnings Tumble on Acquisition Costs

3:20 PM MST | February 25, 2008 | Chemical Week Editorial Staff

Grubisich: Ipiranga buy hurt results. Braskem reported fourth-quarter 2007 net income down 79%, to R27 million ($15.5 million), compared to the same year-ago period. The company cites costs of acquisitions including its $1.1-billion purchase of a 60% share of Ipiranga Group’s (São Paulo) petrochemical assets last year (CW, March 28, 2007, p. 7). Sales rose 4%, to R6 billion. Braskem says that it expects the global petchem sector to benefit from high growth rates in China, India, and other significant petchem markets. Braskem expects the Brazilian...

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