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.
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.