PVC producer Mexichem reports net loss - report

26 February 2009 00:29  [Source: ICIS news]

(Adds net loss information in paragraphs 1-2)

MEXICO CITY (ICIS news)--Mexican PVC producer Mexichem on Wednesday reported a fourth-quarter net loss of more than Pesos (Ps) 1bn, according news reports.

Mexichem reported a net loss of Ps1.28bn, according to Reuters.

However, Mexichem’s fourth-quarter 2008 operational profit (earnings before interest, tax, depreciation and amortisation), was Pesos (Ps)1.26bn ($84m), 1% higher than the same quarter of 2007, the company said.

Fourth-quarter sales were 25% higher at Ps8.45bn as volumes fell 3.9% from a year earlier, but the company said it managed to raise average prices by 29.6%.

During 2008, Mexichem acquired Brazilian PVC tube firm Plastubos, Argentine agriculture services firm Dripsa and Colombia agriculture firm Colpozos, all of which helped boost PVC sales; as well as three other firms, which were not linked to its main business.

“For the first quarter of 2009, we expect growth in dollar terms of around 3% in sales, despite the situation of the global markets, thanks to the geographic diversity and broad range of products,” Mexichem added.

($1 = Ps14.82)

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By: Staff Reporter
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