Sales have grown 8% year-on-year in the first three quarters of the year, reaching 58.259 billion Brazilian reals (US$ 9.664 billion), the company reported on Thursday.

Brazilian petrochemical company Braskem has increased its losses in the first nine months of the year by 89% compared to the same period last year, recording losses of 5.673 billion Brazilian reals (US$ 941 million).

Sales have grown 8% year-on-year in the first three quarters of the year, reaching 58.259 billion Brazilian reals (US$ 9.664 billion), the company reported on Thursday.

Costs, meanwhile, rose 3% compared to the period up to September 2023, reaching R$53.409 billion (US$8.859 billion).

Braskem generated revenues of 40.756 billion Brazilian reals (US$ 6.76 billion) from its operations in South America, representing an 8% year-on-year increase and accounting for almost 70% of its revenue.

Meanwhile, the company's revenues increased by 13% in the United States and Europe and it has experienced the same increase in revenues from its operations in Mexico.

Gross operating profit (EBITDA) rose 94% compared to the previous year, reaching 5.202 billion Brazilian reals (US$ 862 million).

The operating result, meanwhile, was R$822 million (US$136 million), compared to a negative figure of R$1.764 billion (US$292 million) in the first nine months of 2023.

In the third quarter, Braskem managed to reduce its losses by 84% year-on-year, to a loss of 593 million reais (US$ 98 million). Revenue rose by 28% to 21.265 billion reais (US$ 3.527 billion).

The company noted that in the third quarter the global petrochemical sector continued to be affected by an increase in maritime freight costs, due to the conflicts in the Red Sea, which affected trade flows and product prices in Asia.