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February 22, 2008 |
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BRASKEM SA: 2007 Pre-Minority Interest Net Income Up to BRL957MM BRASKEM SA released its results for the fourth quarter of 2007. Main highlights of the period: -- In fiscal year 2007, Braskem registered an all-time high for thermoplastic resin production of 2.8 million tons. This excellent performance was the result of the competitiveness programs implemented over the past three years aimed at increasing the capacity, efficiency and operational reliability of its plants. -- The company's 2007 consolidated gross revenue for 2007 was BRL23.9 billion, an 11% increase over net revenue of BRL21.6 billion in 2006. In dollar terms, gross revenue was US$12.3 billion, an increase of 24% over dollar- denominated gross revenue of US$9.9 billion in 2006. -- Consolidated EBITDA was BRL3.2 billion in 2007, up 5% on the EBITDA of BRL3 billion reported in 2006, driven by the company's better operating performance, which reflects the effectiveness of its operating and sales strategies, despite the challenging scenario with the hike of 20% in the naphtha price in dollar terms, over the same comparison period the Brazilian real appreciated by 17% against the U.S. dollar. -- Braskem net income before minority interests, represented by interests held by Petrobras in Ipiranga Quimica and Copesul, was BRL957 million in 2007, an increase of 70% from the BRL564 million posted in 2006. This net income growth reflects the improved operating and financial performance in the year. Net income after minority interests increased four times from 2006 figures and reached BRL568 million. Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) -- http://www.braskem.com.br/ -- is a thermoplastic resins producer in Latin American, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and local currency issuer default ratings of Braskem S.A. Fitch also affirmed the 'BB+' ratings on the company's senior unsecured notes 2008, 2014, and senior unsecured notes 2017. |
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