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LatinNews Daily - 13 November 2018

In brief: Brazil

* The Brazilian firm Braskem, Latin America’s largest petrochemical company, has reported that its net profits in the first nine months of the year totalled R$2.45bn (US$795.9m), 20% lower than in the comparable period last year. In a statement Braskem said that its profits have been significantly affected by the devaluation of the Brazilian Real against the US dollar, which has made the firm’s dollar-denominated debt and interest payments relatively higher than last year. However, Braskem noted that its gross profit in the third quarter of the year was R$1.34bn, a 68% year-on-year increase and a 146% quarter-on-quarter increase. The firm said that third quarter gross profit was the result of an increase in demand in Brazil reflective of the domestic economic recovery and an increase in the price of its products in international markets which helped to offset any losses resulting from the depreciation of the Real.

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