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Brazil’s Braskem posts stronger financial results in Q2

by ChemOrbis Editorial Team -
  • 07/08/2015 (16:16)
According to a press release on the company’s website, Brazil’s Braskem posted its financial results for the second quarter of 2015. The company’s net revenue reached R$11.6 billion ($3.3 billion) in the April-June period, up 14% from the previous year. The increase was attributed to a 7% depreciation in the Brazilian real, higher petrochemical prices in major global market and increasing sales volumes. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA), meanwhile, was reported at R$2.6 billion ($735.560 million) in the second quarter of 2015, up 76% from the first quarter. Net income reached R$1.1 billion.

Braskem’s petrochemical plants meanwhile operated at an average capacity utilization rate of 93% in the second quarter of 2015, up 4% from the first quarter of 2015. This strong performance was attributed to operating efficiency stemming from streamlined processes and investments made in recent years. Braskem’s average utilization rate excluding the gas-powered unit in Rio de Janeiro reached 97%. The Rio de Janeiro unit is currently facing feedstock supply issues. The company’s average capacity utilization rate of its PP plants in the USA and Europe exceeded normal capacity and reached 101%, posting a record production of 506,000 tons. This strong performance was attributed to an increase in production at the company’s plants stemming from better operational reliability of the company’s assets. PP sales grew by 7% in the USA in line with solid demand for consumer goods, automobiles and the strong packaging sector in the country.

Braskem’s resin sales within Brazil declined by 17%, which the company attributed to a deterioration in the economic state of the country. However, the company’s export sales rose 53% year over year in the second quarter.
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