Brazil’s Unipar reports $2.5m Q1 profit

29 April 2010 00:10  [Source: ICIS news]

HOUSTON (ICIS news)--Unipar reported a first-quarter net profit of reais (R) 4.4m ($2.5m) – down a net loss of R75.5m in the same period last year - following the sale of its Quattor petrochemical holdings to Braskem, the Brazilian chemical major said on Wednesday.

Net revenues for the quarter totalled R75.5m, compared with than R1bn during the same period last year, Unipar said.

In January, Unipar sold its interests in petrochemical major Quattor and Unipar Commercial and its 33.3% stake in Polibutenos to Braskem in January for R647.3m.

Unipar said it expected the transaction to be completed by the end of April or the beginning of May and was already considering several options for investing the proceeds, including diversification and entry into new businesses.

Unipar still owns a 50% in chlor-alkali producer Carbocloro. Carbocloro had a net revenue of R147.1m for the first quarter, compared with R222.9m, in large part the result of a sharp drop in soda prices, the company said.

($1 = R1.77)

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By: Brian Ford
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