This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Braskem Announces 2Q13 Results

SAO PAULO, Aug. 8, 2013 /PRNewswire/ --  Braskem S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK announces today its results for 2Q13.

HIGHLIGHTS:

  • Braskem's resin sales came to 947 kton, increasing 3%. Compared to 2Q12, which was affected by local economic slowdown, the market grew 26%.
  • In the quarter, the average capacity utilization of Braskem's crackers stood at 94%, increasing 4 p.p. from 1Q13, explained by the improvement in operating efficiency between the periods. Capacity utilization also benefited from the provisional measure of May 8, which reduced the PIS and COFINS tax rates on raw material purchases.
  • EBITDA in 2Q13 reached R$1,051 million, increasing 12% from the previous quarter, driven by the higher sales volume, the better operating performance and the recovery in international resins spreads. In U.S. dollar, EBITDA amounted to US$506 million.
  • Regarding the Ethylene XXI Project in Mexico, the construction of the new petrochemical complex continued to advance, with the project's physical completion reaching 37.7%.
  • In July, the subsidiary Braskem-Idesa withdrew the first installment of the project finance in the amount of US$1,484 million, which enabled the subsidiary to reimburse the investments advanced by shareholders, which in the case of Braskem amounted to US$649 million.
  • As of May 1st, 2013, Braskem decided to designate a portion of its dollar-denominated liabilities as hedge for its future exports in order to better reflect the effects of exchange variation on the accounting result of the Company.
  • Braskem's leverage, as measured by the net debt/EBITDA ratio, continued its downward trend, and excluding the Mexico project from this analysis, whose financing is non-recourse to its balance sheet, it reached 3.01x, down 10% from 1Q13.

The full earnings release is available on the Company's IR website: www.braskem.com.br/ir

Braskem will host conference calls to discuss its Results on Friday , August 9, 2013, at 11:00 a.m. ET in English and 9:00 a.m. ET in Portuguese. See connecting details on the Company's IR website.

For further information, contact Braskem's Investor Relations Area: 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs