Canada’s Methanex swings to $3m Q3 loss on lower methanol prices

25 October 2012 06:54  [Source: ICIS news]

SINGAPORE (ICIS)--Canada’s Methanex swung to a net loss of $3.00m (€2.31m) in the third quarter of 2012 from a profit of $62m in the same period a year earlier, primarily on lower prices of methanol, the company said on Thursday.

The average realised price for methanol for July to September fell to $373/tonne, down by 1.06% compared with the same period a year earlier, Methanex said in a statement.

Its total sales volume for the third quarter was at 1.90m tonnes, up 0.5% from the same period in 2011, it added.

The company’s net profit in the first nine months of 2012 declined 47% year on year to $72m, it said.

“Entering the fourth quarter, steady methanol demand and supply outages across the industry have resulted in upward pressure on spot methanol prices, and today, we announced an increase of $43 per tonne to our North-American non-discounted price,” Methanol president and CEO Bruce Aitken said in the statement.

“Longer term, the outlook for the industry and pricing environment looks very attractive, as demand growth is expected to significantly outpace new capacity additions over the next few years," Aitken said.

($1 = €0.77)


By: Tahir Ikram
+65 6780 4359



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