Shares of Brazilian petrochemical company Braskem SA (BAK) plummeted 6.37% in the pre-market trading session on Thursday, following the release of the company's disappointing fourth-quarter 2024 earnings results.
Braskem reported a net loss of 5.89 billion Brazilian reais ($1.01 billion) for the quarter ended December 31, 2024, significantly wider than the loss of 1.75 billion reais in the same period a year earlier. The company's net revenue for the quarter came in at 19.15 billion reais, up from 16.69 billion reais a year ago but missing analysts' estimates of 20.44 billion reais.
The wider-than-expected net loss and lower-than-anticipated revenue figures appear to have weighed heavily on investor sentiment, leading to the sharp pre-market sell-off in Braskem's shares on Thursday morning.
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