Brazil’s Braskem Q2 earnings rise 11% on higher prices

11 August 2011 17:54  [Source: ICIS news]

SAO PAULO (ICIS)--Braskem’s second-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 11% to reais (R)1.15bn ($712m, €498m) from R1.04bn during the same period last year on the strength of domestic and international prices, the Brazilian petrochemicals major said on Thursday.

Braskem also said 2011 second-quarter net profits totalled R420m, about R115m more than the first quarter.

Second-quarter revenues rose by 24% to R8.4bn from the same quarter in 2010, Braskem said.

Sales in the beginning of the year were hurt by a power blackout that occurred in February in Brazil's northeast states, the company added.

As of June, Braskem’s Camacari complex was back to normal capacity utilisation rates.

Crackers operated at capacity utilisation rates above 87% in the second quarter, the company said.

On 27 July, Braskem announced the acquisition of the polypropylene business of Dow Chemical for $323m, becoming the leading US polypropylene (PP) producer.

($1 = €0.70) ($1 = R1.61)

For more on Braskem visit ICIS company intelligence

By: Hellen Berger
+1 713 525 2653

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