UPDATE 1-Braskem sees Brazil slowdown in 2014; investments flat

jueves 13 de febrero de 2014 12:28 GYT
 

(Updates with outlook, earnings detail)
    SAO PAULO, Feb 13 (Reuters) - Braskem SA, Latin
America's largest petrochemical company, sees its market in
Brazil this year growing at half the pace of 2013, highlighting
the importance of its overseas expansion.
    Braskem expects demand in Brazil for its plastic resins to
expand 3 to 4 percent in 2014, down from 8 percent growth last
year, the company said on Thursday as it reported a sharp drop
in fourth-quarter profit.
    The plastics maker expects to invest 2.664 billion reais
($1.11 billion) in 2014, close to its 2.722 billion reais in
capital spending in 2013.
    A quarter of capital spending is destined for the Ethylene
XXI complex it is building in Mexico with Grupo Idesa, taking
advantage of cheap natural gas and a domestic market highly
depended on imported resins.
    Braskem laid out its plans in a Thursday securities filing
reporting a fourth-quarter profit of 15 million reais ($6
million), down 95 percent from a year earlier due to a higher
tax bill and the impact of discontinued units.
    Earnings before interest, taxes, depreciation and
amortization fell 5 percent to 1.200 billion reais.
    ($1 = 2.41 Brazilian reais)

 (Reporting by Alberto Alerigi Jr. and Roberta Vilas Boas;
Writing by Brad Haynes;editing by Sofina Mirza-Reid)