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

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index