Canada’s Methanex swings to net loss in Q3

28 October 2009 03:54  [Source: ICIS news]

SINGAPORE (ICIS news)--Canadian methanol producer Methanex reported on Wednesday an $800,000 net loss in the third quarter, reversing a $70m profit it made in the same period last year.

But the losses in the three months to September had narrowed significantly from the $5.7m loss recorded in the second quarter as demand for methanol improved, the company said.

"It is pleasing to see the beginning of recovery in our numbers for the quarter,” said Bruce Aitken, president and CEO of Methanex, in a statement.

Sales volumes in the July-to-September period grew 13% quarter-on-quarter to $1.62bn, with methanol prices up by about 16% over the same period, Methanex said.

The company was upbeat that it would be able to keep its earnings momentum into the fourth quarter as demand for methanol had increased while supply was affected by a number of planned and unplanned outages, pushing up prices of the chemical, Aitken said.

“[This] provides upward momentum to our earnings in the fourth quarter. And with increases in production expected from our Chile operations and our new project in Egypt over the next year, there is significantly more upside potential to our earnings," he added.

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By: Pearl Bantillo
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