Petrochemical giant Braskem lost $111 million last quarter

Brazil’s Braskem (BAK, quote) reported a net loss of $111 million (BRL 201 million) in the fourth quarter of 2011, compared with a profit of $197 million (BRL 356 million) in the same period the previous year.

The Sao Paulo headquartered company is the largest in the Americas and the fifth largest in the world. 

Braskem declared in a statement that the blurring of a clear strategy to contain the crisis of European sovereign debt and its influence on the global financial system, has affected world economic growth last quarter of 2011, leading to a slowdown in demand for petrochemicals.

BAK’s net sales revenue accounted for $4.82 billion (BRL 8.71 billion) between October and December 2011, an increase of 25% compared to the same months in 2010.

As for cash generation measured by EBITDA, there was a decrease of 24% in the fourth quarter of 2011, annual rate, totaling $398 billion (BRL 718 million).

In 2011, the company lost $286 million (BRL 517 million), versus earnings of $1.04 billion (BRL 1.88 billion) in 2010.

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