Braskem Reports Lower Sales Across Markets

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On March 5, 2009, Braskem S.A.(BAK Quote), a petrochemicals company, reported that it fell to a net loss in Q4 FY08, hurt by the negative impact of foreign currency translation. Net loss for the quarter stood at Brazilian Reais (R$) 2.11 billion, or R$4.15 per share, compared to a profit of R$101.00 million, or R$0.23 per share, in the prior year's quarter.

Net revenue for the fourth quarter dropped 13.9% to R$4.11 billion from R$4.77 billion a year ago due to lower sales across markets. Revenue from the domestic market slipped 15.5% to R$3.16 billion from R$3.73 billion. Additionally, revenue from the export market dipped 7.9% to R$957.00 million from R$1.04 billion in the year-ago quarter. Revenue from both markets decreased due to lower revenue across business units. ...