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Regions :: South America :: Brazil

Weak Dollar Hurts Braskem’s Earnings

1:30 PM MDT | May 14, 2010 | Nancy Seewald

Braskem reported a net loss of R$123 million ($69 million) in the first quarter, compared with income of $10 million in the same period last year. The earnings decline is due in part to the depreciation of the U.S. dollar in relation to the Brazilian real. Ebitda rose 59%, to R$729 million, on higher volumes of resins and basic petrochemicals, favorable mix, and higher selling prices. Sales grew 37%, to R$4.5 billion. Sales in its benzene, toluene, and xylenes segment rose 36%, while propylene revenues were up 20%. Looking forward, Braskem says petchem pricing...

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