Canada's Methanex doubles Q3 net income on strong demand, pricing

27 October 2011 09:35  [Source: ICIS news]

LONDON (ICIS)--Methanex’s third-quarter net income more than doubled year on year to $62.3m (€44.9m) on stronger demand and higher pricing, the Canadian methanol producer said late on Wednesday.

Adjusted earnings before interest, tax, depreciation and amortisation (EDITDA) also increased sharply, to $134.8m from $55.9m in the same period last year, Methanex said.

The Vancouver-based company’s total sales volumes increased by 6% year on year, while production was up by 15.6%.

"Our new Egypt and Medicine Hat [Canada] plants operated very well, making a significant contribution to our earnings. In addition, methanol demand and pricing were higher in the third quarter,” said president and CEO Bruce Aitken.

“Entering the fourth quarter, methanol demand continues to be healthy and the longer-term outlook is excellent, as there is little new capacity being added to the industry over the next few years to meet expected demand growth," Aitken added.

($1 = €0.72)

 

By: Graeme Paterson
+44 20 8652 3214

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