The company attributed the fall to a reduced average realised price in Q4 of 2015 (of $277 per tonne) as compared to the previous quarter (of $323 per tonne).
It also reported a fall of 10.3 per cent in its adjusted revenue to $555 million in Q4 as compared to $619 million in Q3 of 2015.
Adjusted net income in the quarter was reported to be $15 million as compared to $23 million in the previous quarter.
This was despite an increase in production in the fourth quarter to 1,389,000 tonnes as compared to 1,259,000 tonnes in the previous quarter.
Commenting on the results, John Floren, President and CEO of Methanex said, “Our fourth quarter adjusted EBITDA reflects lower average realised methanol pricing compared to the third quarter. The continued decline in oil pricing further reduced the affordability for methanol into energy applications. This, combined with new methanol supply introduced in the fourth quarter, negatively impacted methanol pricing.”
“While the future of oil and methanol pricing is uncertain, Methanex is well positioned to navigate through this period of challenging industry conditions. We believe we are well positioned to leverage a recovery in methanol pricing, allowing us to generate strong future cash flows,” he added. (MCJ)
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