Brazilian petrochemical maker Braskem reported a loss of $262.9 million or 66 cents per share for the July-September quarter. The company attributed the loss to impairment charges related to the geological event in Alagoas of $657 million as well as the impact of foreign exchange rate variation. EBITDA for the third quarter stood at $699 million, surging by 126% from the second quarter. The increase in the third-quarter EBITDA is attributed to the increased margins of PE in Brazil, PP in the US and PE in Mexico.
The company also said that sales volume in Brazil and the US improved in the third quarter as resins demand recovered in those markets. Braskem said it sold a record of more than 1,050 tons of resins in Brazil. Braskem wrapped up the commissioning process and started production at its new 450,000 tons/year PP plant in the US in October. At the same month, the company also announced a commitment to integrating sustainable development goals in its financial and investment management, in line with the principles of the CFOs Task Force, an initiative supported by the UN Global Pact, where Braskem is a member.
