Methanex Q1 net profit jumps 28% as sales volumes, prices rise

28 April 2011 04:25  [Source: ICIS news]

SINGAPORE (ICIS)--Methanex posted a 28.1% year-on-year increase in its first-quarter net profit to $34.6m (€23.5m) on the back of strong methanol sales volumes and higher prices, the Canadian producer said late on Wednesday.

Sales volumes jumped 10.7% year on year to 1.86m tonnes in the first quarter, with the average realised price for methanol rising 20.3% at $367/tonne, the statement said.

Revenues surged 32.6% year on year to $619m in the first quarter, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) slipped 4.7% to $77.1m, Methanex said.

The company’s operating income for the first quarter, meanwhile, rose 3.5% year on year to $47.4m, it said.

“Methanol pricing continued to be firm in the first quarter and we reported similar earnings to last quarter,” said Bruce Aitken, president and CEO of Methanex.

“Entering the second quarter, methanol demand continues to be strong and industry conditions remain relatively balanced,” he added.

($1 = €0.68)

By: Nurluqman Suratman

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