Brascam’s net income for the second quarter is R$7.4 billion

Brascam's net income for the second quarter is R$7.4 billion

Brascam posted a multi-billion dollar profit in the second quarter, reflecting the impact of a combination of better prices for its chemical products and real growth against the dollar.

Brascam Facilities in Maceo (AL) 01/30/2020 Reuters/Amanda Perobelli

Photo: Reuters

The petrochemical company announced on Wednesday that its profit from April to June totaled reais 7.424 billion, almost triple the figure recorded in the previous quarter and equal to a loss of reais 2.5 billion a year ago.

In the earnings report, Brascam cited improved international spread for thermoplastic resins in Brazil, the United States, Europe and Mexico, in addition to higher sales volumes, as global economic activity slowly recovers from the economic crisis caused by the Covid pandemic. Is.

The company’s net revenue for the quarter totaled $26.4 billion, up 16% sequentially and a 136% jump year-on-year. The so-called recurring operating result was 9.4 billion reais, up 35% compared to the first quarter of 2021.

In addition, the growth of real against the dollar made Braskom’s net financial result positive at 957 million reais, after a loss of 3.46 billion reais from January to March and 2.42 billion reais a year earlier.

Braskem also reported that spending to implement measures related to the geological event in Alagos was estimated at 7.67 billion in June, compared to 9.176 billion at the end of last year.

According to the document, Brascom ended June with a financial leverage, measured in dollars by the ratio between net debt and EBITDA, at 1.1 times, a 39% low in three months.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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