Braskem net income dips

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Thursday, November 10, 2016

Brazilian petrochemical firm Braskem reported a 45% year-on-year decline in third quarter net income to 818mn reais (US$249mn), according to an earnings statement released on Thursday.

Net income for the first nine months was 1.834bn reais, down 33% from a year earlier, "mainly due to the start of the recognition of hedge accounting under profit or loss," according to the statement.

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Braskem said consolidated third quarter Ebitda was US$924mn, up 6% on 3Q15, reflecting stronger resin sales in Brazil and the higher contribution from its Ethylene XXI complex in Mexico.