Braskem’s net loss narrows q-o-q in Q1
by ChemOrbis Editorial Team - content@chemorbis.com
Brazilian petrochemical company Braskem recorded a net loss of $273 million in the first quarter of 2024, which narrowed from $317 million loss in the previous quarter. Meanwhile, the company reported a net income of $35 million in the same period of last year.
The company’s recurring EBITDA was $230 million in the first quarter, 9% higher than 4Q23 and 12% higher than 1Q23.
Braskem’s sales volume of resins increased by 7% from the previous quarter while demand for resins in Brazil was up by 8% quarter on quarter. The company attributed the quarterly growth to better demand for PP, PE, and PVC.
Official data further revealed that the company’s utilization rates in Brazil and Mexico increased by 8% compared to the previous quarter. Meanwhile, rates in Europe and USA were 76% in the first quarter, down from 82% in Q4 2023 and 81% in Q1 2023.
The company’s recurring EBITDA was $230 million in the first quarter, 9% higher than 4Q23 and 12% higher than 1Q23.
Braskem’s sales volume of resins increased by 7% from the previous quarter while demand for resins in Brazil was up by 8% quarter on quarter. The company attributed the quarterly growth to better demand for PP, PE, and PVC.
Official data further revealed that the company’s utilization rates in Brazil and Mexico increased by 8% compared to the previous quarter. Meanwhile, rates in Europe and USA were 76% in the first quarter, down from 82% in Q4 2023 and 81% in Q1 2023.
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