Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
On March 5, 2009,
, 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.
Braskem recorded EBITDA of R$633.00 million in Q4 FY08 compared to R$721.00 million in Q4 FY07. Moreover, EBITDA margin improved to 15.40% from 15.10% in the same quarter of the last year.
During the quarter under review, Braskem approved the merger of Ipiranga Petroquimica (IPQ), Petroquimica Paulinia S.A. (PPSA) into the company and the spun off a portion of Ipiranga Quimica (IQ). The company also approved the investment of R$488.00 million to build the Green PE plant at the Triunfo Petrochemical Complex.
For FY08, total revenue decreased 4.4% to R$17.96 billion from R$18.79 billion in the previous year. Moreover, the company fell to a net loss during the year which stood at R$2.49 billion, or R$4.91 per share, compared to a profit of R$642.00 million, or R$1.43 per share in FY07.
Looking forward, the company is projecting growth in thermoplastic resin sales volume to be in the range of 3.0% and 5.0% in FY09.