Canada Methanex shares fall after Q1 income drop

24 April 2008 23:50  [Source: ICIS news]

HOUSTON (ICIS news)--Shares of Canadian methanol producer Methanex traded on Thursday slightly down at $26.13 (€16.46) on the NASDAQ, following reports of a 54.7 % drop in its first-quarter net income.

Net income was $65.5m for the quarter, Methanex said.

First-quarter cost of sales were $608.9m, up from $437m reported for the same time last year, Methanex said.

Revenue reached $735.9m for the first quarter, up from $673.9m.

Normally, the company's earnings would have been higher, Methanex said. However, the company sourced less of its sales from produced methanol and more from purchased product.

In addition, methanol prices started dropping in the first quarter after reaching a peak in December. The price drop was caused, in part, by China temporarily becoming a net methanol exporter.

($1 = €0.63)

For more on methanol visit ICIS chemical intelligence

By: Al Greenwood
+1 713 525 2653

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