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MeneameBrazilian petrochemical company Braskem (NYSE: BAK) reported a net profit of 645mn reais (US$365mn) in the third quarter 2009 compared to a loss of 819mn reais in the year-ago period.
Compared to Q2, profits declined 44% from 1.16bn reais.
The depreciation of the US dollar against the Brazilian real had a positive effect on the company's Q3 results, Braskem CEO Bernardo Gradin said during a press conference.
Ebitda was 838mn reais, up 15% from 3Q08, which the executive described as "excellent." The Ebitda margin in the period was 20.7% versus 14.2% a year earlier. In Q2, Ebitda totaled 566mn with a margin of 15.3%.
The improved Ebitda was the result of higher prices both domestically and internationally compared to the second quarter this year, as well as continued recovery of the thermoplastic resins market in Brazil, Gradin said.
Net revenues in Q3 decreased 21% year-on-year to 4bn reais, but grew 10% compared to the previous quarter.
Braskem's net debt fell 9% to 6.69bn reais at end-September compared to end-June chiefly due to the positive impact of the exchange rate.
"The company ended the [third] quarter with 3.2bn reais in cash, enough to manage our debt for the next three years. That reinforces our strategy to focus on our financial health," Gradin added.
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