Braskem swings to Q4 net loss due to demand downturn, customer destocking

Braskem, Brazil's largest petrochemical company, posted a Q4 net loss of Brazil Reais BRL 2.1 bln (aprrox. US$878.2 mln) as against BRL 101 mln (US$42.2 mln) for the same period in 2007. The dismal show in the quarter was a result of steep decline in petrochemical demand due to lack of financing and prevalent customer destocking activity on the customer's side all along the chain. Net sales revenues plummeted to BRL 4.11 bln (US$1.7 bln) from BRL 4.77 bln (US$1.99 bln) in the comparable period last year, a decline of 18% YOY. For the full year 2008, the company posted a BRL 2.5 bln (US$1.04 mln) net loss as against net income of BRL 642 mln (US$268.5 mln) for 2007 mainly caused by depreciation of Brazilian currency against the US dollar.
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