Sao Paulo – Braskem (BRKM5) Net income was R$7.424 billion in the second quarter of 2021, reflecting a loss of R$2.5 billion shown in the previous year. Compared to the first quarter, the profit was three times higher.
The earnings development reflects a combination of better prices for its chemical products and the effect of the riyal’s appreciation against the dollar.
Braskem justified the finding by citing better international spreads for thermoplastic resins in Brazil, the United States, Europe and Mexico, as well as higher sales volumes, as global economic activity gradually recovers from the economic crisis caused by the Covid-19 pandemic.
Meanwhile, the company’s net revenue was R$26.4 billion between April and June, up 136% over the year-on-year comparison. The recurring operating result was R$9.4 billion, an increase of 35% compared to the first quarter of 2021.
The exchange rate also strengthened Braskem’s net financial result, which was positive by 957 million Brazilian reais, after it lost 3.46 billion Brazilian reais in the first quarter and 2.42 billion Brazilian reais between April and June 2020.
Braskem still ended June with leverage, measured 1.1 times between net debt and Ebitda in dollars, down 39% in three months.
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