Braskem reports 88% fall in Q1 profits

As prices for resins in Brazil declined, Latin America’s largest petrochemicals producer Braskem SA, has reported a 88% plunge in Q1-09 profits. Net sales in the quarter fell 28% to 3.16 billion reais. Net income fell to 10 mln reais (US$4.7 mln) from 80 mln reais, recorded a year ago. Despite doubling of resin exports in the quarter from a year ago, the increase was not enough to make up for weaker demand in the Brazilian market and a 20% drop in domestic resins prices as compared to last years levels. Profit was bolstered by a one-time tax-credit gain of 97 million reais. Braskem’s share of domestic-market sales of PVC fell to 43% from 50% in the fourth quarter.
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