Braskem announces 1Q14 Results

                        Braskem announces 1Q14 Results    PR Newswire    SAO PAULO, May 8, 2014  SAO PAULO, May 8, 2014 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 1Q14.  HIGHLIGHTS:    *Braskem's resin sales were 901 kton, virtually stable in relation to 4Q13.     Compared to 1Q13, resins demand expanded 3%, while the Company's sales     decreased 2%.   *In 1Q14 the capacity utilization rate of Braskem's crackers stood at 85%     and was affected by the scheduled maintenance shutdown at the Triunfo site     and by operational issues.   *PP sales volume at the United States and Europe business unit totaled 460     kton in the quarter, in line with 4Q13. Compared to 1Q13, PP sales volume     grew by 7%, driven by the recovery in demand from the European and U.S.     markets.   *Braskem divested the assets forming the Water Treatment Unit ("WTU")     located at the Triunfo complex for R$315 million, recognizing a gain of     R$277 million in the quarter.   *In 1Q14, Braskem's consolidated EBITDA was R$1,637 million. The following     factors contributed to this result: the gain from the divestment of     non-strategic assets, the stability in petrochemical spreads in the     international market and the 4% depreciation in the Brazilian real in     relation to 4Q13. In U.S. dollar, consolidated EBITDA was US$690 million.   *Net income amounted to R$396 million, explained by WTU divestment and the     operating performance in the quarter.   *Leverage in U.S. dollar stood at 2.71x, down 6% from the previous quarter.     In Brazilian real, the leverage ratio also stood at 2.71x, decreasing 13%.   *Fast Company magazine selected Braskem as one of the world's 50 most     innovative companies, being the only Brazilian company to figure on the     ranking.   *Mexico Project         *Progress continued to advance on the project's construction, which          reached 66% physical completion. The startup of the new complex is          expected for 2H15.        *In April, the subsidiary Braskem-Idesa withdrew the third installment          of the project finance in the amount of US$465 million.  The full earnings release is available on the Company's IR website: www.braskem.com.br/ir  Braskem will host conference calls to discuss its Results on Friday, May 9, 2014, at 01:30 p.m. ET in English and 12:00 p.m. ET in Portuguese. See connecting details on the Company's IR website.  For further information, contact Braskem's Investor Relations Area: braskem-ri@braskem.com.br , (+55 11) 3576-9531.  Website: http://www.braskem.com.br/ir  
Press spacebar to pause and continue. Press esc to stop.