09 May 2013 14:09 [Source: ICIS news]
HOUSTON (ICIS)--Braskem’s 2013 first-quarter net profit rose 49% year on year to Brazil reais (R) 227m ($114m) as net revenues rose 15%, the Brazilian petrochemicals major said on Thursday.
Braskem’s net revenues for the three months ended 31 March were R9.3bn, compared with R8.1bn in the same period a year ago. Gross profit was up 66% year on year to R980m.
Braskem said that industry conditions in the first quarter were marked by the recovery of prices and global demand for resins and basic petrochemicals, restocking trends in Asia, as well as scheduled and unscheduled maintenance shutdowns.
Braskem operated its crackers at an average utilisation rate of 90% during the first quarter. This compares with 82% in the 2012 fourth quarter which was affected by electricity supply problems.
Compared with 2012 fourth quarter, Braskem’s consolidated 2013 first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) fell 33% to R973m.
However, excluding a nonrecurring positive impact of R$516m in 2012 fourth quarter from the sale of non-core assets, 2013 first-quarter EBITDA increased by 6%, driven by higher sales volumes, the recovery in international spreads, and gains in operating efficiency, the company said.
Compared with the 2012 first quarter, 2013 first-quarter EBITDA increased 19% year on year, with the increase mainly due to the higher spreads for thermoplastic resins and main basic petrochemicals in the international market, the company said.
($1 = R2.00)
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