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%.
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“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)
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