SAO PAULO, June 3 (Reuters) – Brazilian petrochemicals company Braskem SA reported a net loss of $ 777 million in the first quarter on Wednesday, compared with a $ 243 million profit a year ago as currency fluctuations led to higher financial costs.
The company said financial spending grew to $ 1.332 billion. Dollars for the quarter ended March 31, from $ 243 million. Dollars a year ago considering the depreciation of the Brazilian real and the Mexican peso against the US. dollar.
In April, Braskem revised its projected investment spending in 2020 to $ 721 million from approx. $ 600 million as part of its strategy to preserve cash.
Its operating profit, measured by recurring earnings before interest, tax, depreciation and amortization (EBITDA), decreased by 34% compared to the first quarter of 2019 to $ 294 million excl. Exceptional expenditure related to the geological disaster in Brazil’s northeastern state of Alagoas.
Braskem’s quarterly net sales revenue fell 17% to $ 2,846 billion, while the cost of goods sold fell 14% to $ 2.581 billion.
The petrochemical company ended March 2020 with a net debt / EBITDA ratio in the U.S. dollars at 5.84, compared to 4.71 at the end of 2019 and 2.09 in March 2019.
$ 1 = 5.2004 reais
Reporting by Paula Arend Laier; Writing by Gabriela Mello;
Editing by Bernadette Baum