25 April 2013 04:39 [Source: ICIS news]
SINGAPORE (ICIS)--Methanex nearly tripled its first-quarter net profit at $60m (€46m) from the same period last year on the back of stronger sales volumes, accompanied by higher prices, the Canadian methanol producer said late on Wednesday.
Sales volumes inched up by about 1% year on year to 1.83m tonnes, with the average realised price for methanol rising 7.8% to $412/tonne for the March quarter, the company said in a statement.
The company’s adjusted net income more than doubled to $88m, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) surging 60% to $149m, it said.
“Entering the second quarter, methanol demand has continued to be healthy and the pricing environment remains stable,” Methanex president and CEO John Floren said in the statement.
In a separate statement, Methanex announced that it will proceed with the relocation of its second 1m tonne/year methanol plant in Chile to Geismar, Louisiana in the US.
The project is called Geismar II, with Geismar I currently underway.
“Our focus in the near term remains the successful execution of both plant relocations and our value-creating growth projects in New Zealand and Medicine Hat [in Canada],” Floren said.
($1 = €0.77)
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.
|ICIS news FREE TRIAL|
|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|
Asian Chemical Connections