23 July 2008 11:52 [Source: ICIS news]
LONDON (ICIS news)--Methanex's year-on-year net income climbed 9.2% to $38.9m in the second quarter but was sharply down from the first quarter's net result of $65.5m, the company said on Wednesday
The world’s largest methanol producer said sales volumes were down 5.8% compared with the year earlier quarter but up 8.7% compared with the first quarter.
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Methanex said it had achieved an average realised methanol price of $412/tonne in the quarter. Methanol prices peaked in December 2007 and averaged $545/tonne, Methanex said in its earlier, first quarter 2008 report.
Methanex’s adjusted second quarter 2008 earnings before interest, tax, depreciation and amortisation (EBITDA) were $78.9m from $76.5m in the year earlier quarter and $127.1m in the first quarter of 2008.
"Entering the third quarter, the pricing environment remains strong,” president and CEO Bruce Aitken said.
“Overall methanol demand is healthy, despite softness in some derivatives due to general weakness in the economy in some regions.
"Plant outages across the global industry have also continued, adding further tightness to the market."
Methanex would be in a better position to benefit from strong industry conditions with the shift to its larger plant in
“Longer term, we also expect production improvements from
Methanex produced 261,000 tonnes of methanol from its
Aitken said Methanex was able to finance the
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