Methanex Q2 net profit nearly triples on strong methanol prices

28 July 2011 04:20  [Source: ICIS news]

SINGAPORE (ICIS)--Canada’s Methanex second-quarter net profit nearly tripled to $40.5m (€28.4m) from $14.5m in the same period last year, aided by a 28% spike in methanol prices and an 11% increase in sales volumes, the company said on Thursday.

Methanex said the average realised price of methanol for the three months ending June 2011 stood at $363/tonne from $284/tonne in the same period in 2010.

The company’s average non-discounted posted price, meanwhile, was $421/tonne in the June 2011 quarter from $330/tonne in the previous corresponding period, Methanex said in a statement.

Sales volumes for the second quarter increased to 1.87m tonnes from 1.69m tonnes in the same period in 2010, Methanex said.

“The methanol pricing environment has stayed firm supported by healthy global demand and the outlook is excellent with methanol demand growth expected to be strong and limited new capacity added to the industry over the next few years,” said Methanex president and CEO Bruce Aitken.

For the first six months of the year, the company’s net profit soared 80% to $75.1m, helped by a 26% increase in the company’s average non-discounted posted methanol price to $428/tonne.

Its sales volumes grew 11% year on year to 3.72m tonnes in the period January to June 2011, Methanex said.

($1 = €0.70)

By: Pearl Bantillo
+65 6780 4359

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