SAO PAULO, Brazil, Aug. 3 /PRNewswire-FirstCall/ -- BRASKEM S.A. (NYSE: BAK) (Bovespa: BRKM5) (Latibex: XBRK), leader in the thermoplastic resins segment in Latin America and one of the three largest Brazilian privately-owned industrial companies, today announced its results for the second quarter of 2006 (2Q06). Main Highlights: * In the beginning of April 2006, Braskem acquired control of Politeno for an initial down payment of US$ 111 million. Braskem now has 100% of Politeno's voting share capital and 96.2% of Politeno's total share capital. * Braskem implemented a share buy-back program with a duration of 180 days, under which Braskem has agreed to repurchase up to 13.9 million class "A" preferred shares (BOVESPA: BRKM5) and 1.4 million common shares (BOVESPA: BRKM3). * Braskem's shareholders approved the merger of Polialden into Braskem in an extraordinary shareholders' meeting. * Braskem completed one year ahead of schedule the analysis of its internal controls and has achieved full compliance with the requirements of Section 404 of the Sarbanes-Oxley Act regarding internal controls applicable to companies listed on the New York Stock Exchange (NYSE). * The rating agency "Fitch Ratings Ltd." upgraded Braskem's foreign currency rating (Issuer Default Ratings - IDR), reducing its risk of issuer default, and its long-term national scale rating. * Braskem announced the deposit of its second nanotechnology patent, which is considered one of the most promising frontiers in polymers science and the general materials sector. * Petroquimica Paulinia renewed its provisional environmental license to commence construction of a polypropylene plant in the City of Paulinia, State of Sao Paulo, the annual production capacity of which is expected to reach 300,000 tons. * Braskem's EBITDA reached US$ 116 million in the 2Q06, compared to pro-forma EBITDA of US$ 190 million recorded in the 1Q06 (including US$ 51 million of non-recurring revenue). * Braskem recorded net income of R$ 68 million in the 1H06, and a net loss of R$ 54 million during the 2Q06. Full information is available on the Company's IR website: http://www.braskem.com.br/ir .
SOURCE Braskem S.A.