Canada's Acetex reports $8.5m Q3 income on price hikes
18 October 2000 20:44 [Source: ICIS news]
HOUSTON (CNI)--Canada's Acetex said Wednesday it earned $8.5m (Euro10m) in the third quarter, or 33 cent/share compared to a $1.4m loss, or 5 cent/share, in the third quarter of 1999.
Europe's second largest producer of acetic acid and vinyl acetate monomer (VAM), Acetex said sales increased to $57m during the period ended 30 September, compared with sales of $48m in the year ago quarter.
Said Brooke Wade, Acetex chief executive: "The continuing tight world markets for both acetic acid and VAM have resulted in price increases which have offset higher costs of natural gas and methanol."
Acetex's net income for the first nine months of this year was $15.4m, or 59 cent/share, versus a loss of $13m or 50 cent/share compared with the same period in 1999. Sales during the same period increased to $164m from $143.7m.
Acetex is based in Vancouver, British Columbia.
By: Mike Sheridan
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