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South American Firms Post Mixed Results

8:14 AM MST | March 9, 2009

Braskem (São Paulo) posted a net loss of R$2.1 billion ($882.9 million) in the fourth quarter, compared with income of R$101 million in the year-ago period, partly due to a 22% devaluation of the Brazilian real against the U.S. dollar. Sales fell 14%, to R$4.1 billion, on reduced demand and lower selling prices. Revenues declined across all Braskem units. Sociedad Quimica y Minera de Chile (SQM) reported fourth-quarter earnings up 170%, to $120 million, on sales up 30%, to $397 million. SQM cites higher selling prices in its specialty plant nutrition...

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