Mexichem Q1 profits rise 37% year on year

04 May 2011 00:02  [Source: ICIS news]

MEXICO CITY (ICIS)--Mexichem’s first-quarter results rose by 37% to pesos (Ps) 1.24bn ($108m, €72m), as synergies related to recent acquisitions developed, the Mexico-based chemicals producer said on Tuesday.

Mexichem said the integration of four business units boosted overall sales to $1bn in the first quarter, up by 52% over sales in the first quarter of 2010, while earnings interest, tax, depreciation and amortisation (EBITDA) rose 46% to $232m.

The higher sales were the result of  higher sales prices and volumes, "and, to a greater extent, to the incorporation of the results of the acquisition of INEOS Fluor as of the second quarter of 2010, Policyd and Rex in November 2010, and US-based compounder AlphaGary in January 2011", Mexichem said.

Sales in Mexichem’s vinyl-chloride chain rose 45% year on year.

"The integration of AlphaGary into Mexichem as of January has allowed us to expand our product portfolio this quarter, and at the same time, take advantage of our geographic diversification to continue to strengthen the compound business in the vinyl-chlorine chain," Mexichem said.

Sales in Mexichem's flourine chain nearly tripled, the company said.

($1 = Ps11.51) ($1 = €0.67)

By: James Young

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