Brazilian petrochemical producer Braskem reported a net loss of Reais 1.03 billion ($510 million) in the second quarter of this year, compared to a net profit of Reais 420 million ($208 million) in Q2 2011, due to net financial expenses resulting from the depreciation of the Brazilian real against the US dollar, the company said Tuesday.
In Q2, EBITDA dropped 36.33% to Reais 845 million ($418 million), from Reais 1.2 billion ($569 million), the company said in an earnings report.
"Demand for petrochemicals remained depressed, driven by the continued downturn in the world economy, which continues to be influenced by uncertainties concerning Europe's financial crisis and the lower growth of China's economy," the company said.
Braskem's export revenues in Q2 fell by 4% on year to $2.1 billion, due to a 51% reduction in resale volumes, but were up 1% from the first quarter due to higher PP sales in the US, the company said.
Brazilian demand for thermoplastic resins in Q2 came to 1.1 billion mt, 5% down from Q2 2011.
