Braskem Announces Net Income Of R$ 554 Million In 3Q10
SAO PAULO, Nov. 11, 2010 /PRNewswire-FirstCall/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 3Q10.
- Braskem's thermoplastic resin sales of 934 ktons in the domestic market, up 17% from 2Q10.
- Operating rate for the crackers in the quarter was over 90% for the first time since the consolidation of the Quattor assets.
- Start up of the Green Ethylene plant at the Triunfo petrochemical complex, which has annual production capacity of 200 ktons, led Braskem to become the global leader in biopolymers.
- Braskem advanced its strategy to become a global leader in sustainable chemicals and announced a project to produce Green Polypropylene at K Fair, one of the most important events in the plastic industry.
- Braskem entered into an agreement with Laboratorio Nacional de Biociencias located in Campinas to develop technologies for the production of polymers from renewable raw materials that are competitive, cost-effective and efficiently sequester carbon dioxide from the atmosphere.
- Braskem's net debt/EBITDA ratio reached 2.63x, declining 7% from 2Q10.
- Braskem concluded another phase of its financial strategy in October by raising US$450 million in perpetual bonds with a coupon of 7.375% p.a., lengthening its pro-forma average debt term to 11.9 years.
- The Economic Oversight Department of the Ministry of Finance and the Economic Law Department of the Ministry of Justice recommended to the Brazil's anti-trust authority the unqualified approval of the acquisition of Quattor.
- Seeking to increase its proximity to Clients and better understand their needs, Braskem expands its global presence by inaugurating a commercial office in Colombia and preparing to open new commercial offices in Singapore and Peru.
- For the second time, Braskem received the Guia Exame Sustainability award by figuring among the 20 most sustainable companies in Brazil. The awards ceremony was held on November 10.
The full earnings release is available on the Company's IR website: www.braskem.com.br/ir
Braskem will host conference calls to discuss 3Q10 results TOMORROW, November 12, 2010, at 9:00 a.m. ET in English and 7:00 a.m. ET in Portuguese. See connecting details on the Company's IR website.For further information, contact Braskem's Investor Relations Area:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV