Braskem swings to $138m net profit in Q4 2012

07 February 2013 13:06  [Source: ICIS news]

LONDON (ICIS)--Braskem’s net profit for the fourth quarter of 2012 swung to Brazilian reais (R) 275m ($138m, €102m) from a loss in the same period of 2011 as a result of proceeds from the divestment of non-core assets buoying net results, the Brazilian petrochemicals giant said on Thursday.

The company booked an R172m net loss for the same quarter of the previous year.

Braskem’s gross profit for the final three months of 2012 was R923m - a 41% year-on-year increase on the R654m generated in the same quarter in 2011 – on net revenues of R9.2bn.

Fourth-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) was up 95% year-on-year to R1.4bn, the company added.

Braskem recorded a net loss of R738m for the year as a whole, as a result of a R3.4bn expense driven by local currency depreciation

($1 = €0.74, $1 = R1.99, €1 = R2.69)

By: Tom Brown
+44 208 652 3214

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