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Chemical Week Magazine :: Newsbriefs
Braskem Swings to Loss on Local Currency Depreciation
7:59 AM MDT | August 17, 2012
Braskem reported a net loss of R$1.03 billion ($510 million) in the second quarter 2012, compared with a gain of R$420 million in the year-ago quarter, due to continued weakness in Europe and the depreciation of Brazilâ€™s currency in the second quarter. Earnings per share were a loss of R$1.29, compared with 52 cts in the year-ago period. Net sales were up 9%, to R$9.1 billion. The loss stems, in part, from the effects of an 11% local-currency depreciation on Braskemâ€™s net exposure to the U.S. dollar. The depreciation does not have any immediate impact on the...
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