Canada’s Methanex Q2 net profit up 27% on higher methanol prices

26 July 2012 05:13  [Source: ICIS news]

SINGAPORE (ICIS)--Canada’s Methanex posted a 27% year-on-year increase in its second-quarter 2012 net profit to $52m as higher methanol prices offset the decline in sales volumes.

The average realised price of methanol for the April-June 2012 period rose to $384/tonne, up by 5.8% compared with the same period a year earlier, the company said in a statement.

Its sales volume for the March-June period, however, fell slightly to 1.85m tonnes from 1.87m tonnes in the same period a year earlier, Methanex said.

The company said its net profit stood at $74m in the first half of 2012, slightly lower than the $75m posted in the same period last year.

The company sold 3.66m tonnes of methanol in the January-June period, a drop of 1.6% compared with the same period in 2011, but the average realised price of the product increased by 5% year on year to $383/tonne, it said.

 “Overall methanol demand has remained good and the pricing environment has been relatively stable, despite some demand softness in certain derivatives,” said Methanex president and CEO Bruce Aitken in the statement.

“Industry demand growth is expected to significantly exceed new capacity additions over the next few years and we have a number of growth projects in place to capitalise on the positive industry conditions,” Aitken added.

By: Pearl Bantillo
+65 6780 4359

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