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Braskem reported a EUR 438 m net loss for the third quarter

November 18/2011

(PlastEurope) -- Braskem reported a BRL 1.05 bn (EUR 438m) net loss for the third quarter, compared with a BRL 532m profit for the same period last year, as a result of increased financial expenses. The Brazilian resins giant said the depreciation of the Brazilian real increased the cost of its US dollar-denominated debt. EBITDA for the three month period declined 9% to BRL 940m compared with the same period last year, as a result of lower prices for basic petrochemicals and resins. Revenues grew 15% to BRL 8.69 bn. Brazilian resin prices remained in line with international prices, which fell 7% in the third quarter compared with Q2, Braskem said.

Braskem invested BRL 1.35 bn in the first nine months of 2011. Most of this was directed at capacity expansions, including a 200,000 t/y PVC project in Alagoas / Brazil, a 100,000 t/y butadiene project in Triunfo / Brazil and a joint venture integrated ethylene and PE project in Mexico. The PVC project is scheduled to start up in May 2012, while the butadiene project is expected to start up in July 2012.

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.

Tags:PVC, ethylene.
Category:General News
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