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Braskem swung to a third-quarter loss because of currency fluctuations

November 11/2011

(ICIS) -- Brazil's Braskem swung to a third-quarter loss of reais (R) 1.05bn ($588m, ?435m) because of currency fluctuations, the company said on Thursday. Braskem reported earnings of R532m ($298m, ?221m) in the third quarter of 2010. Earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 9% to R940m from R1.04bn in the third quarter of 2010.
The effect of the 19% devaluation of the real on Braskems net dollar exposure had a negative impact of R1.6bn on the [third quarter] financial result, the company said. Meanwhile, net revenue increased to R8.7bn from R7.5bn, Braskem added.  Financial losses amounted to R2.1bn, compared with a gain of R180m in the same period last year, the company added.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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